Assume a competitive industry is in long-run equilibri
Question and Solution
Assume a competitive industry is in long-run equilibrium and firms in the industry are earnings normal profits. Now as
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Assume a competitive industry is in long-run equilibrium and firms in the industry are earnings normal profits. Now assume that productions technology improves such that average total costs decline by $5 a unit. Describe the process this industry will go through as it move to a new long-run equilibrium.
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