Question 10 An increase in demand in an industry prompts new firms to enter the market. When the long-run equilibrium is re-established, the new market price is higher than it was before. This industry is Group of answer choices an increasing cost industry. a constant cost industry. a decreasing cost industry. characterized by the existence of long-run profits.

Question 10 An increase in demand in an industry prompts new firms to enter the market. When the long-run equilibrium is re-established, the new market price is higher than it was before. This industry is Group of answer choices an increasing cost industry. a constant cost industry. a decreasing cost industry. characterized by the existence of long-run profits.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Perefect Competition

Section: Chapter Questions

Problem 20SQ

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