Multiple Choice
If input costs remain the same as industry output expands,what would you expect to be the long-run impact of an increase in demand on an industry currently in long-run equilibrium?
A) There will be more firms but the price will remain the same.
B) There will be fewer firms but the price will remain the same.
C) There will be more firms and the price will increase.
D) There will be fewer firms and the price will decrease.
Correct Answer:
Verified
Correct Answer:
Verified
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