A perfectly competitive, increasing-cost industry is initially in long-run equilibrium. If a permanent increase in demand occurs, then at the new long-run equilibrium, _____. : Economics Assignment Help

Question

A perfectly competitive, increasing-cost industry is initially in long-run equilibrium. If a permanent increase in demand occurs, then at the new long-run equilibrium, _____.

Answer

price will be higher and total output will be greater than before

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