Technological progress taking place in a competitive industry tends to

Question

Answer

reduce production costs, increase profit for existing firms, and increase the number of firms in the industry  over time.

Answer

increase production costs, increase profit for existing firms, and increase the number of firms in the industry  over time.

Answer

increase production costs, increase profit for existing firms, but decrease the number of firms in the industry  over time.

Answer

reduce production costs, increase profit for existing firms, but decrease the number of firms in the industry  over time.

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