Multiple Choice
Suppose a perfectly competitive market is in long-run equilibrium with a price of $12.Then there is a permanent increase in demand.As a result,in the short run the market price ________ and in the long run the number of firms ________ and the price is ________ the price was in the short run.
A) rises; does not change; is equal to
B) rises; increases; higher than
C) rises; does not change; lower than
D) falls; decreases; is equal to
E) rises; increases; lower than
Correct Answer:
Verified
Correct Answer:
Verified
Q71: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The above table
Q208: For a perfectly competitive palm tree nursery
Q209: Because perfectly competitive firms are price takers,each
Q210: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1458/.jpg" alt=" -Use the figure
Q211: Each firm in a perfectly competitive industry<br>A)
Q215: A firm's marginal revenue is<br>A) the change
Q216: For a perfectly competitive firm,the price of
Q217: Suppose that a perfectly competitive firm's marginal
Q398: Suppose a farmer raising beef is making
Q455: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -Acme is a