Can you help me with this study question?
If you own a home remodeling company. You are currently earning short-run profits. This industry is an increasing-cost industry. What do you feel will happen in the long-run to your firm's cost of production & why. What about the price you can charge for your remodeling services and why? Lastly, to the profits in home-remodeling and why?
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Your cost of production will increase as firm is an increasing cost industry. Increasing cost industry means that there will be increase in ...
This explains the concept of increasing-cost industry