For inferior goods, the income elasticity of demand is negative

A perfectly competitive industry is in long-run equilibrium. Some firms in the industry adopt new technology that reduces the average total cost of producing the good

In the long run, the price is ________, firms with the new technology make ________ economic profit, and firms with the old technology ________. A) lower; zero; exit the industry B) constant; a positive; make zero economic profit C) lower; zero; switch to the new technology or exit the industry D) constant; zero; exit the industry

Offshoring required which types of advances?

What will be an ideal response?