Cronos Corporation of Kingston, Ontario produces keyboards for computers in a perfectly competitive decreasing-cost industry, which is in long-run equilibrium. If an increase in demand occurs for both the Cronos Corporation and all of the other companies in the sector, firms will Multiple Cholce enter the Industry, price will rise, and quantity produced will fall. leave the industry and price and quantity will both fall. will ask for government help. enter the Industry and price and quantity will both rise. enter the Industry, price will fall, and quantity produced will rise.

Cronos Corporation of Kingston, Ontario produces keyboards for computers in a perfectly competitive decreasing-cost industry, which is in long-run equilibrium. If an increase in demand occurs for both the Cronos Corporation and all of the other companies in the sector, firms will Multiple Cholce enter the Industry, price will rise, and quantity produced will fall. leave the industry and price and quantity will both fall. will ask for government help. enter the Industry and price and quantity will both rise. enter the Industry, price will fall, and quantity produced will rise.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter9: Market Structure And Long-run Equilibrium

Section: Chapter Questions

Problem 9MC

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