competitive constant cost industryr is in longirun equilibrium
A perfectly competitive constant cost industry is in long-run equilibrium. Due to a change in tastes and preferences, there is an increase in demand. Which of the following best describes the effect on the industry? The price will ______
-Select answer A, B, C, or D.
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Aperfectiy competitive constant cost industryr is in longirun equilibrium. Due to a change in tastes and preferences. there is an increase in demand. Which ofthe following best describes the effect on the industry? The price will 0 A. increase, firms will produce more, profits will increase, and more firms will enter until profit returns to zero.
0 B. decrease. firms will produce less. profits will be below zerol and fins will exit until profit retums to zero.
0 C. increase, firms will produce less, profits will be below zero, and firms will enter until profit retums to zero.
0 D. increase, firms will produce more, profits will be below zero, and firms will exit until profit returns to zero.
