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1. Short Run 2. Long Run STEP: 101 2 Suppose the book-printing industry is competitive and begins in a long run equilibrium. Then Hi-Tech Printing

1. Short Run 2. Long Run STEP: 101 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 remain the same. Hi-Tech's average-total-cost curve shifts downward. Hi-Tech's marginal-cost curve shifts downward. The price of books decreases. Grade Step 1 TOTAL SCORE- 0/2 (lo complete thin slap and unlock the nand shop Grade It Now Save & Continue

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