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Business, 17.06.2020 19:57 lorrainelopez

Suppose the book-printing industry is competitive and begins in a long-run equilibrium. Then Hi-Tech Printing Company invents a new process that sharply reduces the cost of printing books. Suppose Hi-Tech's patent prevents other firms from using the new technology. Which of the following statements are true about what happens in the short run? A. Hi-Tech's average-total-cost curve shifts downward.
B. Hi-Tech's marginal-cost curve shifts downward.
C. Hi-Tech's profits remain the same.
D. The price of books decreases.

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Suppose the book-printing industry is competitive and begins in a long-run equilibrium. Then Hi-Tech...
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