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19 Feb 2018
4 In a perfectly competitive industry that is in a long-run equilibrium there is a permanent decrease in demand. Initially, in the short-run, this demand decrease brings a lower market price, A. economic profit to firms and entry of firms into the industry. B. economic loss to firms and exit of firms from the industry. C. normal profit to firms and no change in the number of firms in the industry. D. economic profit to firms and exit of firms from the industry. E. economic loss to firms and entry of firms into the industry.
4 In a perfectly competitive industry that is in a long-run equilibrium there is a permanent decrease in demand. Initially, in the short-run, this demand decrease brings a lower market price, A. economic profit to firms and entry of firms into the industry. B. economic loss to firms and exit of firms from the industry. C. normal profit to firms and no change in the number of firms in the industry. D. economic profit to firms and exit of firms from the industry. E. economic loss to firms and entry of firms into the industry.
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