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Assume a purely competitive, increasing-cost industry is in long-run equilibrium. If a decline in demand occurs, firms will Question 18 options: A) leave the industry,
Assume a purely competitive, increasing-cost industry is in long-run equilibrium. If a decline in demand occurs, firms will Question 18 options: A) leave the industry, and price and output will both decline. B) leave the industry, price will decrease, and quantity produced will increase. C) enter the industry, and price and quantity will both increase. D) leave the industry, and price and output will both increase
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