Assume a perfectly competitive industry is in long-run equilibrium at a price of $20. If this industry is a constant-cost industry and the demand for the product decreases, long-run equilibrium will be reestablished at a price
A. less than $20.
B. of $20.
C. greater than $20.
D. either greater than or less than $20 depending on the magnitude of the decrease in demand.
Answer: B
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