Multiple Choice
Suppose a perfectly competitive market is in long-run equilibrium and then there is a permanent increase in the demand for that product. The new long-run equilibrium will have
A) fewer firms in the market.
B) more firms in the market.
C) the same number of firms in the market.
D) a permanent decrease in supply.
E) probably a different number of firms, but it is not possible to determine if there will be more or fewer firms.
Correct Answer:
Verified
Correct Answer:
Verified
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