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

Economics

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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

Economics

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.

Economics

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

Economics

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.

Economics