7. A well-known internet company (WKIC) quietly launches an internet service in which people can find houses. The WKIC has considerably lower average costs than traditional estate agents. What is the effect on output, price, and profits in the short-run? How about the long-run? (Assume that the offering of the WKIC can be duplicated.)

7. A well-known internet company (WKIC) quietly launches an internet service in which people can find houses. The WKIC has considerably lower average costs than traditional estate agents. What is the effect on output, price, and profits in the short-run? How about the long-run? (Assume that the offering of the WKIC can be duplicated.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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