In Long­run Equilibrium with Trade, Losses from Import

question 85

Multiple Choice

In long­run equilibrium with trade, losses from import
Competition will force some firms to ______________,
Increasing demand for the remaining firms' output, which will
Then cause their demand curves to become ______________,
Due to the increased variety of products from
_______________.

• A)raise prices; steeper; new firms entering the industry
• B)leave the industry; flatter; foreign firms
• C)lower prices; more inelastic; new firms entering the industry
• D)lay off workers; more elastic; the research and development departments in firms

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