Suppose the market for gourmet chocolate is in long-run equilibrium, and an economic downturn has reduced consumer discretionary incomes. Assume chocolate is a normal good, and the chocolate producers have identical cost structures. a. Demand will (Click to select) . b. Profits for chocolate producers in the short run will (Click to select) . c. Chocolate producers will (Click to select) the market. d. The long-run supply curve will (Click to select) .
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Suppose the market for gourmet chocolate is in long-run equilibrium, and an economic downturn has re...
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