Microeconomics For Today (MindTap Course List)
Microeconomics For Today (MindTap Course List)
9th Edition
ISBN: 9781305507111
Author: Irvin B. Tucker
Publisher: Cengage Learning
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Chapter 11, Problem 13SQ
To determine

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Suppose the book-printing industry is competitive and begins in a long-run equilibrium. Then Hi-Tech Printing Company invents a new process that sharply reduces the cost of printing books.   Suppose Hi-Tech's patent prevents other firms from using the new technology. Which of the following statements are true about what happens in the short run? Check all that apply. Hi-Tech's marginal-cost curve remains the same.   Hi-Tech's profits increase.   The price of books remains the same.   Hi-Tech's average-total-cost curve shifts downward.
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