Question

Perfectly competitive industry X has constant costs and its product is an inferior good. The industry is currently in long-run equilibrium The economy now goes into a recession and average incomes decline. The new long-run equilibrium will result in a(n) Multiple Choice
1. increase in output and in the equilibrium price of the product.
2. increase in output, but not in the equilibrium price of the product.
3. decrease in output, but not in the equilibrium price of the product.
4. decrease in output and in the equilibrium price of the product.

Answer 1

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