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Suppose a perfectly competitive industry is operating in long run equilibrium. A Technological innovation reduces production costs for a firm in the industry. What will
Suppose a perfectly competitive industry is operating in long run equilibrium. A Technological innovation reduces production costs for a firm in the industry. What will likely happen as a result to the firms profit in the overall industry over succeeding year or two? Explain in a paragraph. (If you need to make an assumption to answer this question, you may do so. Just be clear about what you are to assuming.)
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