If Demand Decreases in a Constant Cost Industry, in the Long-Run

question 6

True/False

If demand decreases in a constant cost industry, in the long-run firms will exit, industry output will fall, and the price of the product will fall.

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Definitions:

Alternative Species

Species considered for introduction or cultivation as substitutes for traditional or overexploited ones.

Genetic Progress

The improvement of traits in a population of organisms over generations through selection and breeding.

Plant Species

A group of plants that share common characteristics and genetic makeup, capable of interbreeding and producing fertile offspring.

Biomes

Large ecological zones on Earth's surface, characterized by distinct types of vegetation, wildlife, and climate conditions.