13. (The Long-Run Industry Supply Curve) A normal good is being produced in a constant-cost, perfectly competitive industry. Initially, each firm is in long-run equilibrium. Briefly explain the short-run adjustments for the market and the firm to a decrease in consumer incomes. What happens to output levels, prices, profits, and the number of firms?
13. (The LongRun Industry Supply Curve) A normal good is being produced in a constantcost, perfectly competitive industry. Initially, each firm is in longrun equilibrium. Briefly explain the…
