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Author Question: Suppose a perfectly competitive industry is in long-run equilibrium. A new one-time cost-saving ... (Read 155 times)

lingual

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on: Oct 12, 2022
Suppose a perfectly competitive industry is in long-run equilibrium. A new one-time cost-saving technology (which is freely available) is then developed and new plants are built. Eventually, a new long-run equilibrium will be established where
◦ all plants continue to operate until they are physically worn out as long as price is greater than the firm's average variable cost.
◦ all plants use the new technology, and market output will be higher and price will be lower.
◦ high-cost and low-cost firms exist side by side and market output will be higher.
◦ the industry supply curve has shifted to the left and price and output are both higher.
◦ new plants employ the new technology, but existing plants continue to produce as long as they cover their fixed costs.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by lingual on Oct 12, 2022

H.cope00

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Reply #1 on: Oct 12, 2022
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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lingual

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Reply 2 on: Oct 12, 2022
Excellent

chereeb

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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