The Textile Industry Is Composed of a Large Number of Small

question 256

Multiple Choice

The textile industry is composed of a large number of small firms. In recent years, these firms have suffered economic losses, and many sellers have left the industry. Economic theory suggests that these conditions will

• A)shift the demand curve outward so that price will rise to the level of production cost.
• B)cause the remaining firms to collude so that they can produce more efficiently.
• C)cause the market supply to decline and the price of textiles to rise.
• D)cause firms in the textile industry to suffer long-run economic losses.

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