Suppose that initially the price is $50 in a perfectly competitive market. firms are making zero economic profits. then the market demand shrinks permanently and some firms leave the industry and the industry returns back to a long-run equilibrium. what will be the new equilibrium price, assuming cost conditions in the industry remain constant? "
+3
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Suppose that initially the price is $50 in a perfectly competitive market. firms are making zero economic profits. then the market demand ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Home » Business » Suppose that initially the price is $50 in a perfectly competitive market. firms are making zero economic profits. then the market demand shrinks permanently and some firms leave the industry and the industry returns back to a long-run equilibrium.