Answer to Question #107255 in Microeconomics for Teekay

Question #107255
If a monopolistically competitive industry is in long-run equilibrium and suddenly the cost of resources increases, then:

Select one:
a.
some firms will eventually leave the industry.

b.
new firms will eventually enter the industry.

c.
the demand and average-revenue curves will shift to the left.

d.
the cost structure of the firm will shift down.

e.
the demand and average-revenue curves will shift to the right.
1
Expert's answer
2020-04-02T09:35:50-0400

a. some firms will eventually leave the industry


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