12 For a firm operating in a perfectly competitive industry Multiple Choice O O an improvement in technology will reduce marginal cost. an improvement in technology will shift the firm and industry supply curve to the left. left. both an improvement in technology will reduce marginal cost and shift both the firm and industry s 4

12 For a firm operating in a perfectly competitive industry Multiple Choice O O an improvement in technology will reduce marginal cost. an improvement in technology will shift the firm and industry supply curve to the left. left. both an improvement in technology will reduce marginal cost and shift both the firm and industry s 4

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 33CTQ: Since a perfectly competitive firm can sell as much as it wishes at the market price, why can the...

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A market in perfect competition is in long-run equilibrium. What happens to the market if labor unions are able to increase wages for workers?
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