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Lecture

Q1 Permanent Decrease in Demand (Hard)

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Department
Economics
Course
ECO100Y1
Professor
All Professors
Semester
Fall

Description
Permanent Decrease in Demand (Hard) Consider a perfectly competitive, decreasing cost industry. If there is a permanent decrease in demand, which one of the following statements will be true in the long run? a) Price will definitely decrease but the number of firms could increase, decrease or remain constant. b) Price will definitely incr
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