The long-run supply curve under pure competition is derived by observing what happens to market price and quantity when market:
A. Demand changes, and all consequent long-run adjustments have occurred
B. Supply changes, and all consequent long-run adjustments have occurred
C. Technology changes, and all consequent long-run adjustments have occurred
D. Regulation changes, and all consequent long-run adjustments have occurred
A. Demand changes, and all consequent long-run adjustments have occurred
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It is possible to have a comparative advantage in producing a good or service without having an absolute advantage
Indicate whether the statement is true or false
Types of money used by colonists included all of the following except:
a. gold and silver coins. b. bills of exchange. c. bills of credit. d. government-issued fiat currency.
Although monopoly has lower output than competition, the level of output is efficient
a. True b. False Indicate whether the statement is true or false
When a firm increases output and accepts a lower price to keep new firms from entering, it is engaging in:
A. limit pricing. B. cartel behavior. C. collusion. D. price fixing.