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

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Isaac1992 Isaac1992

05-07-2022
Business

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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

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-07-14T16:51:27+02:00

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.