A sudden decrease in the market demand in a competitive industry leads to
a. A market equilibrium price higher than the original equilibrium in the short-run
b. A market equilibrium price equal to the original equilibrium in the long-run
c. Both a and b
d. None of the above
b
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Which of the following Latin American countries had the strongest growth rate between 1960 and 2011?
A) Argentina B) Chile C) Peru D) Venezuela
Total expenditures can be written as C + I + G + (X ? IM).
Answer the following statement true (T) or false (F)
The two basic types of government regulation are
A) monopoly and oligopoly regulation. B) labor and environmental regulation. C) federal and state industrial regulation. D) economic and social regulation.
At McDonald's, economies of scale at the plant (or restaurant) level occur
a. over the range of output for which that restaurant's average cost curve is upward sloping b. over the range of output for which that restaurant's average cost curve is horizontal c. over the range of output for which that restaurant's average cost curve is downward sloping d. at all levels of output e. only in the short run