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pogonyaev
2 years ago
13

Purely competitive industry X has increasing costs and its product is a normal good. The industry is currently in long-run equil

ibrium. The economy now goes into a recession and average incomes decline. The result will be
Business
1 answer:
mote1985 [20]2 years ago
4 0

The industry is currently in long-run equilibrium. The economy now goes into a recession and average incomes decline. The result will be an increase in output, but not in the price, of the product. This is further explained below.

<h3>What is a product?</h3>

Generally,

In conclusion, The market is in a state of long-term balance. There is currently a drop in typical salaries and the economy is entering a recession. As a consequence, production will rise without corresponding increases in cost.

Read more about product

brainly.com/question/22852400

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<em>a. True</em>

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