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Assume that there is an improvement in the technology used by firms in a perfectly competitive industry that is initially in longminus run equilibrium. In the short run this wouldcause: A. an increase

Assume that there is an improvement in the technology used by firms in a perfectly competitive industry that is initially in longminusrun…

Assume that there is an improvement in the technology used by firms in a perfectly competitive industry that is initially in longminus−run equilibrium. In the short run this wouldcause: A.an increase in the firm’s economic profit.  B.cannot be determined with the information given.  C.no change in the firm’s economic profit.  D.a decrease in the firm’s economic profit.

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