Answer :
The industry is currently in long-run equilibrium. The economy now goes into a recession and average incomes decline. The result will be an increase in output, but not in the price, of the product. This is further explained below.
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In conclusion, The market is in a state of long-term balance. There is currently a drop in typical salaries and the economy is entering a recession. As a consequence, production will rise without corresponding increases in cost.
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