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Author Question: Assume the tennis ball industry, a perfectly competitive industry, is in long-run equilibrium with a ... (Read 120 times)

Kikoku

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on: Apr 19, 2019

Question 1

As existing firms exit an increasing-cost industry


◦ the 
LRAC curve shifts down.
◦ the 
LRAC curve shifts up.
◦ the position of the 
LRAC curve doesn't change, but firms move down their 
LRAC curve.
◦ the position of the 
LRAC curve doesn't change, but firms move up their 
LRAC curve.

Question 2

Assume the tennis ball industry, a perfectly competitive industry, is in long-run equilibrium with a market price of $5. If the demand for tennis balls increases and the industry experiences decreasing returns to scale, long-run equilibrium will be reestablished at a price


◦ greater than $5.
◦ less than $5.
◦ equal to $5.
◦ either greater than or less than $5, depending on the number of firms that enter the industry.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
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Marked as best answer by Kikoku on Apr 19, 2019

manuelcastillo

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Reply #1 on: Apr 19, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Kikoku

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Reply #2 on: Apr 19, 2019
TY


manuelcastillo

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Reply #3 on: Apr 19, 2019
You're welcome


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