Assume a competitive industry is in long-run equilibrium and firms in the industry are earnings normal profits. Now assume that productions technology improves such that average total costs decline by $5 a unit. Describe the process this industry will go through as it move to a new long-run equilibrium.Note: I just need one word document at least one page without the question, double space, 10 py. form and 1/2 inch margins.The market is perfectly competitive and with the introduction of new technology as the firmsATC go down, it would be able to beat others in competition and shall pass on the benefits ofcost…
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