Suppose a competitive industry is in long-run equilibrium, Ask an Expert

Economics

Suppose a competitive industry is in long-run equilibrium; then the price of a substitute good (in consumption) decreases. What happens in the short run?

The market demand curve?

The market supply curve?

Market price?

Market output?

The firm’s output?

The firm’s profit?

In the short run?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91857252

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