9. Comparing the new long run equilibrium in the wool sock industry
with the original one, you expect to find that:
- There will be fewer firms, with each firm charging the same price
and producing the same output as in the original equilibrium.
- There will be fewer firms, with each firm charging a lower price
and producing less output than in the original equilibrium.
- There will be more firms, with each firm charging a lower price
and producing less output than in the original equilibrium.
- There will be more firms, with each firm charging the same price
and producing the same output as in the original equilibrium.
- There will be fewer firms, with each firm charging a higher price
and producing less output than in the original equilibrium.
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