(The Long-Run Industry Supply Curve) A normal good is being produced in a constant-cost, perfectly competitive industry. Initially, each firm is in…

13. (The Long-Run Industry Supply Curve) 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?13. (The Long­Run Industry Supply Curve) A normal good is being produced in a constant­cost, perfectly competitive industry. Initially, each firm is in long­run equilibrium. Briefly explain the…

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