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Business, 05.07.2020 14:01 IsoSaysHi

Assume that a decline in consumer demand occurs in a purely competitive industry that is initially in long-run equilibrium. We can: a. not compare the original and the new prices without knowing what cost conditions exist in the industry. b. predict that the new price will be greater than the original price. c. predict that the new price will be less than the original price. d. predict that the new price will be the same as the original price.

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