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The window washing industry is a perfectly competitive industry. Which of the following would be expected to happen if some window washers entered the industry?
The window washing industry is a perfectly competitive industry. Which of the following would be expected to happen if some window washers entered the industry? Assume the industry started in equilibrium. a. Price would initially decrease, then firms would raise their prices to make a profit. b. Price would initially decrease then return back to the original price as firms left the market c. Price would increase and remain very high until consumers forced price to fall. d. Price would rise until only the lowest-cost manufacturers remain
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