Solved

Suppose a Perfectly Competitive Market Is in a Long-Run Equilibrium

Question 232

Multiple Choice

Suppose a perfectly competitive market is in a long-run equilibrium when a permanent decrease in the market demand occurs. In the long run, which of the following definitely occurs?


A) The price decreases.
B) The number of firms decreases.
C) The firms' marginal cost increases.
D) Marginal revenue increases.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q227: In the short run a perfectly competitive

Q228: A perfectly competitive market is characterized by<br>A)

Q229: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -For a perfectly

Q230: In a perfectly competitive industry<br>A) each firm

Q231: In the long run, perfectly competitive firms

Q233: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -Giuseppe's Pizza is

Q234: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The above table

Q235: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -Giuseppe's Pizza is

Q236: A market is perfectly competitive if<br>A) each

Q237: Total economic profit is<br>A) total revenue minus