Business, 30.11.2019 04:31 capricorn0115

Initially, a competitive industry that has 1,000 firms is in long-run equilibrium. then 100 firms in the industry adopt a new technology that reduces the average cost of producing the good. in the short run, the price firms with the new technology make profits, and firms with the old technology

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Initially, a competitive industry that has 1,000 firms is in long-run equilibrium. then 100 firms in...