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What happens to output levels-prices and profits
Course:- Business Economics
Reference No.:- EM13891897





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Assignment Help >> Business Economics

A normal good is being produced in a constant-cost, perfectly competitive industry. Initially, each firm is in long-run equilibrium. Briefly explain the short-run adjustments for the market and the firm to a decrease in consumer incomes. What happens to output levels, prices, profits, and the number of firms?




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