Multiple Choice
Suppose a competitive industry is in long-run equilibrium. When demand increases, market price
A) decreases in the short and long run.
B) rises in the short run and falls in the long run.
C) decreases in the short run and rises in the long run.
D) rises in the short and long run.
E) rises in the short run and rises more in the long run.
Correct Answer:
Verified
Correct Answer:
Verified
Q118: Suppose a dentist has total revenue of
Q119: In a competitive industry, firm demand is<br>A)downward-sloping.<br>B)vertical.<br>C)nonexistent.<br>D)horizontal.<br>E)unchanging.
Q120: Suppose a market equilibrium occurs at a
Q121: The long-run competitive equilibrium results in efficient
Q122: A technological breakthrough that reduces the cost
Q124: Exhibit 9-1 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6906/.jpg" alt="Exhibit 9-1
Q125: External diseconomies of scale occur when<br>A)industry expansion
Q126: In a long-run equilibrium, a firm produces
Q127: An industry previously in long-run equilibrium might
Q128: The long-run competitive equilibrium model describes what