In a decreasing-cost industry: Group of answer choices greater demand leads to higher long-run equilibrium prices. there will be no firm entry because the increased supply will reduce the long-run equilibrium price. lower demand leads to higher long-run equilibrium prices. the law of demand does not apply.

lower demand leads to higher long-run equilibrium prices

Explanation:

In a decreasing cost industry, as new firms enter the industry due to increase in demand for goods produced by the industry, long run average cost curve declines and this causes the cost of production declines because

Conversely, a decrease in demand for goods produced by the industry, would make firms leave the industry. As a result, the long run average cost curve increases and this leads to a rise in the cost of production

In a declining cost industry, the supply curve is downward sloping. thus, the law of supply does not hold

according to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

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