When the resource supply curves of facing a competitive industry are positively sloped, in that case the exit of firms which have incurred losses will result within: (w) higher prices and lower output by each firm, and higher average production costs. (x) higher prices and lower output for the industry, but lower average production costs for the surviving firms. (y) reduced prices and rising output for the industry at higher average costs. (z) rising output with higher average production costs and lower prices for the goods produced.
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