Multiple Choice
If a competitive industry is characterized by increasing cost,which of the following will occur in response to an unexpected increase in demand?
A) New firms will enter the industry.
B) Economic profit will remain zero.
C) Input prices will remain constant.
D) The price of the product will remain unchanged.
Correct Answer:
Verified
Correct Answer:
Verified
Q12: In an increasing-cost industry,the slope of the
Q13: In a constant-cost industry,the slope of the
Q14: Assume a competitive industry produces widgets using
Q15: Which of the following is constant along
Q16: The short-run supply curve for the firm
Q18: Following a significant decrease in the price
Q19: Eggs,which are standardized products,are sold within a
Q20: Use the following figure to answer the
Q21: Use the following figure to answer the
Q22: Which of the following is true of