12. Shortlulu Outcomes 1. MRI-I'll 2. Long Run STEP: 2 of 2 Suppose the bookprinting industry is competitive and begins in a longmn equilibrium. Then HiTech Printing Company invents a new process that sharply reduces the cost of printing books. The following graph shows HiTech's initial marginalcost curve CMCI} and averagetotalcost curve [ATClj before the new technology, and its marginalcost curve (11ng and averagetotalcost curve (ATOgj after the new technology. . Price ofBooks Quanmy of Books Now suppose the patent expires and other rms are free to use the technology. Which of the following statements are the about what happens in the long run? Chemical? mat apply. :I All nns' averagetotalcost curves decline to ATOg. :l All rms make positive prots. :I The market price falls to Pg. Grade Final Slap- TOTL SCORE: 0.751'2 {wmsswpaummemnsm]