Answered

Get reliable answers to your questions at Westonci.ca, where our knowledgeable community is always ready to help. Experience the ease of finding accurate answers to your questions from a knowledgeable community of professionals. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Purely competitive industry X has increasing costs and its product is a normal good. The industry is currently in long-run equilibrium. The economy now goes into a recession and average incomes decline. The result will be

Sagot :

okpalawalter8

The industry is currently in long-run equilibrium. The economy now goes into a recession and average incomes decline. The result will be an increase in output, but not in the price, of the product. This is further explained below.

What is a product?

Generally,

In conclusion, The market is in a state of long-term balance. There is currently a drop in typical salaries and the economy is entering a recession. As a consequence, production will rise without corresponding increases in cost.

Read more about product

https://brainly.com/question/22852400

#SPJ1

We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.