Answer: When a firm is in a constant-cost industry, a decrease in demand will result in economic losses. This will cause exit from the industry, resulting in a decrease in supply over time. This long-run adjustment eventually cause the price level to decrease so that it eventually occur at a higher level than before the demand shift. There will be firms fewer in the industry. The long-run industry supply curve will be downward shifting.

4 0

3 years ago

) When an isocost line is just tangent to an isoquant, we know that:A) output is being produced at minimum cost. B) the two prod

Mnenie [13.5K]

Answer:

A. Output is being produced at minimum cost- is correct

Explanation:

When an isocost line is tangent to an isoquant cost is being minimized

3 0

3 years ago

Managerial economics provides useful insights into _____ facets of the business and nonbusiness world.

Doss [256]

Answer:

all

Explanation:

7 0

3 years ago