If the demand for a product in an increasing cost perfectly competitive industry decreases, we would expect that price in the long run would ________ and the number of firms in the market would ________.
A. decrease; decrease
B. increase; increase
C. decrease; increase
D. increase; decrease
Answer: A
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A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:Production Possibilities ScheduleProductABCDEFSteel012345Wheat100907555300If the nation uses all of its resources to produce only wheat, then its production combination will be
A. A. B. B. C. F. D. E.
The currency adopted by most countries in ________ is referred to as the euro
A) Western Europe B) Europe and Asia C) Southern Europe and Northern Africa D) Eastern Europe
In a competitive market, excess demand for a good exists whenever
a. the current price is below the equilibrium price b. resources are scarce c. the quantity supplied at the current price exceeds the quantity demanded d. sellers are subject to the constraints imposed by input prices and technology e. the current price is above the equilibrium price
An empowered employee has
A. explicit rights to implement but not initiate any decision. B. explicit rights to initiate and implement any decision, subject to the manager's ratification and monitoring. C. explicit rights to initiate and implement any decision, without the manager's ratification and monitoring. D. explicit rights to initiate but not implement any decision.