In a Perfectly Competitive Industry, the Long-Run Equilibrium Price Is

question 59

Multiple Choice

In a perfectly competitive industry, the long-run equilibrium price is $12. If a technological innovation lowers production costs, the long-run equilibrium price will:

• A) fall below $12.
• B) initially fall but then return to $12.
• C) initially rise but then return to $12.
• D) rise above $12.

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