A Technological Advance Occurs in a Perfectly Competitive Market

question 56

Multiple Choice

A technological advance occurs in a perfectly competitive market.Which of the following statements is incorrect?

• A)All old-technology firms exit in the long run.
• B)In the long run,all firms make zero economic profit.
• C)The technological advance brings permanent gains to producers and temporary gains to consumers.
• D)As more firms begin to use the new technology,market supply increases.
• E)As more firms begin to use the new technology,the market price falls.

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Definitions:

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