1. Short Run 2. Long Run STEP: 1 of 2 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. O Hi-Tech's profits increase. O Hi-Tech's marginal-cost curve remains the same. O The price of books remains the same. Hi-Tech's average-total-cost curve shifts downward. Grade Step 1 TOTAL SCORE: 0/2 (to complete this step and unlock the next step)