Multiple Choice
Assume the data backup industry,a perfectly competitive industry,is in long-run equilibrium with a market price of $3 per 10GB.If demand for data backup decreases and this industry is a decreasing-cost industry,long-run equilibrium will be reestablished at a price
A) greater than $3.
B) less than $3.
C) equal to $3.
D) either greater than or less than $3, depending on the number of firms that enter the industry.
Correct Answer:
Verified
Correct Answer:
Verified
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