Business, 22.04.2020 04:02 niquermonroeee

Purely competitive industry X has constant costs and its product is an inferior good. The industry is currently in long-run equilibrium. The economy now goes into a recession and average incomes decline. The result will be:

A. an increase in output, but not in the price, of the product.
B. an increase in output and in the price of the product.
C. a decrease in output and in the price of the product.
D. a decrease in the output, but not in the price, of the product.

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Purely competitive industry X has constant costs and its product is an inferior good. The industry i...

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