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Market Structures and Competition
Worksheet
Grade Level
Civics
9.13 Market Structures and Competition
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Scenario: In long-run perfect competition, firms produce at minimum ATC. If all firms adopt a technology that lowers minimum ATC, what happens in the long run?
A
Market price rises because firms are more efficient.
B
Output falls because costs fell.
C
Market price falls to the new (lower) minimum ATC and output increases.
D
Price stays the same because firms are price takers.
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