Consider a perfectly competitive industry in a long-run equilibrium. If a single firm in that industry discovers a significant cost-saving production technology, then:
A. the firm will earn an economic profit in the long run.
B. the rest of the industry will quickly adopt the new technology.
C. all firms in the market will earn an economic profit in the short run.
D. all the firms in the market will earn an economic profit in the long run.
Answer: B
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