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weeeeeb [17]
3 years ago
9

Suppose that the organic-produce industry is composed of a large number of small firms. In recent

Business
1 answer:
masha68 [24]3 years ago
3 0

Answer:

The correct answer is option d.

Explanation:

An industry is comprised of a large number of small firms.  

Because of losses, many firms have left the industry.  

This will cause the industry supply to decline.  

The industry supply curve will move to the left.  

The new supply curve will intersect the demand curve at a higher point.

This leftward shift in the supply curve will cause the equilibrium price to increase and equilibrium quantity to decline.

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