Assume a purely competitive decreasing-cost industry is initially in long-run equilibrium but then there is a decrease in market demand for the product. After all economic adjustments to this new situation have taken place, product price will be

Price will be higher and total output will be larger than originally

Explanation:

Demand for a product is the amount of that product that is requested by the consumer at a particular point in time and at a particular price.

When there is equilibrium, it means that the quantity the suppliers are willing to supply and the quantity consents are willing to buy is the same at a particular price.

However when demand increases by shifting to the right in the diagram below. There is a corresponding change in supply level too.

As can be seen equilibrium quantity increases from Q1 to Q2 and equilibrium price increases from P1 to P2 when demand increases from D1 to D2.

1. c

2. b

3. a

4. c

5. a

6. b

7. c

8. c

9.b

10. d

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