Multiple Choice
In a perfectly competitive industry, an increase in market demand increases:
A) each of the firms' share of total output in the long- run.
B) price in both the short- and the long- run.
C) price in the short- run, but has no effect on the long- run price.
D) quantity supplied in both the short- and the long- run.
Correct Answer:
Verified
Correct Answer:
Verified
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