Suppose the minimum possible price of constructing homes is $50 per square foot. as a result of a sharp drop in the demand for home construction, the equilibrium price of home construction falls to $40 per square foot. assuming the home construction industry is perfectly competitive and there are no specialized inputs, firms will:
a. exit the industry, and the price will fall below $40 in the long run.
b. exit the industry, and the price will rise above $40 in the long run.
c. exit the industry, and the price will remain at $40 in the long run.

Employees at a library check out books to patrons. books have an isbn and a name. the library sometimes has multiple copies of the same book. books have one or more authors. a patron is an individual who has an active (non-expired) library card. for each library card, we store the person's first and last names and their address. for each employee, we store their employee id, current salary, first and last name and their address. we also store the employee id of their current manager. each time we check out a book to a patron we need to store the date of the transaction, the employee who checked out the book to the patron, and the library card of the patron. some employees have library cards. if an employee patron turns in a book late, the fine that they pay is a percentage of their salary. some employees are authors who have library cards—they are allowed to check out as many books as they like.