Please answer quickly!1. Will result in economic Losses or profits2. Firms will Exit or enter3. Resulting in A decrease in supply or an increase in supply4. The price level to increase, remain constant or decrease5. Causing it to occur at a higher level than, return to a level where it was, or occur at a lower level than6. There will be fewer, the same number of, or more4. Complete the following statements.In an increasing-cost industry, an increase in demand will result in economic (Click to select) vAs a result, firms will (Click to select) v the industry, resulting in (Click to select)over time.A long-run adjustment will eventually cause the price level to (Click to select) v, causing it to (Click to select)before thedemand shift.There will be (Click to select)firms in the industry, and the long-run industry supply curve will be (Click to select)

When talking about increasing cost industry, it is the industry in which a firm faces an increase in…

Answered: Complete the following statements. In…

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter9: Price Takers And The Competitive Process

Section: Chapter Questions

Problem 5CQ

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Please answer quickly! 1. Will result in economic Losses or profits 2. Firms will Exit or enter 3. Resulting in A decrease in supply or an increase in supply 4. The price level to increase, remain constant or decrease 5. Causing it to occur at a higher level than, return to a level where it was, or occur at a lower level than 6. There will be fewer, the same number of, or more 4.

Complete the following statements.
In an increasing-cost industry, an increase in demand will result in economic (Click to select) v
As a result, firms will (Click to select) v the industry, resulting in (Click to select)
over time.
A long-run adjustment will eventually cause the price level to (Click to select) v, causing it to (Click to select)
before the
demand shift.
There will be (Click to select)
firms in the industry, and the long-run industry supply curve will be (Click to select)

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