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| 12.A technology that all of the firms in a perfectly competitive industry are using in their production process has been banned by new legislation. What will most likely be the effect if these firms stop using this technology? A:A:The quantity that the industry will supply at a given price will be reduced B:B:Firms will adopt a different technology that reduces their costs of production C:C:Profit will no longer be maximized at the level of output where marginal cost is equal to the market price |
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