Answer
c) no change in the short run, down in the long run
Work Step by Step
The sellers will have to raise prices and eventually that means people will not buy as many.
Principles of Microeconomics, 7th Edition
by Mankiw, N. Gregory
Published by
South-Western College
ISBN 10:
128516590X
ISBN 13:
978-1-28516-590-5
Chapter 14 - Part V - Firms in Competitive Markets - Quick Check Multiple Choice - Page 297: 6
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