Use the following graphs for a perfectly competitive market in the short run to answer the next question.
What will happen in the long run to market supply and the equilibrium price of the product?
A. Market supply will increase and equilibrium price will increase.
B. Market supply will decrease and equilibrium price will decrease.
C. Market supply will decrease and equilibrium price will increase.
D. Market supply will increase and equilibrium price will decrease.
Answer: C
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Refer to Table 8-13. Nominal GDP for Vicuna for 2013 equals
A) $4,920. B) $5,100. C) $5,300. D) $5,850.
Why doesn't the process of electing officials prevent rent-seeking and corruption?
A. The cost of gathering such information is often too costly. B. Those who win special favors through this behavior simply pay others off to keep them from whistleblowing. C. It actually does prevent this behavior in the real world. D. People are generally disinterested in preventing both of these in government.
Bank A has $25,500 in required reserves. The required reserve ratio is 10 percent. Bank A has checkable deposits of
A) $2,550. B) $255,000. C) $2,550,000. D) $25,500.
The costs of unemployment are lowest (and perhaps even negative) for ________ unemployment.
A. structural B. cyclical C. frictional D. cyclical and structural