Business, 03.03.2020 16:29 amayarayne5

Assume a purely competitive, increasing-cost industry is in long-run equilibrium. If a decline in demand occurs, firms will:leave the industry and price and output will both decline. When a purely competitive firm is in long-run equilibrium:price equals marginal cost. A purely competitive firm:cannot earn economic profit in the long run. A constant-cost industry is one in which:resource prices remain unchanged as output is increased. An increasing-cost industry is associated with:an upsloping long-run supply curve.

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Assume a purely competitive, increasing-cost industry is in long-run equilibrium. If a decline in de...

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