Suppose a competitive industry is in long-run equilibrium; then the price of a substitute good (in consumption)

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Suppose a competitive industry is in long-run equilibrium; then the price of a substitute good (in consumption) decreases. What happens in the short run?

1. The market demand curve?

2. The market supply curve?

3. Market price?

4. Market output?

5. The firm’s output?

6. The firm’s profit?

Related Book For answer-question

Microeconomics

ISBN: 978-0132857123

8th edition

Authors: Robert Pindyck, Daniel Rubinfeld

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Posted Date: Mar 12, 2019 10:05 AM

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Suppose a competitive industry is in long-run equilibrium; then the price of a substitute good (in consumption)

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Industry of a product is the sum of all firms operating in that product The environment is competitive when there are many buyers and firms supplying ... View the full answer

Microeconomics

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