In an increasing cost industry, if there is a decrease in demand, the price in the long run will end up being [Select] the original price, because the cost curves tend to shift [Select] Answer 1: the same as Answer 2: upward Answer 3: leave as firms leave the industry.

In an increasing cost industry, if there is a decrease in demand, the price in the long run will end up being [Select] the original price, because the cost curves tend to shift [Select] Answer 1: the same as Answer 2: upward Answer 3: leave as firms leave the industry.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 1PA

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