A market is initially in a long-run equilibrium and there is a permanent increase in demand. After the new long-run equilibrium is reached, there

A) are more firms in the market.
B) are fewer firms in the market.
C) are the same number of firms in the market.
D) probably is a different number of firms in the market, but more information is needed to determine if the number of firms rises, falls, or perhaps does not change.
E) is no change in the market.


A

Economics

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Real GDP in a given year is

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The Internet has made it possible to compare lots of prices without incurring a lot of cost. If Internet access is unequally distributed throughout the population one would expect

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Economics

If the real exchange rate is 5/4 pounds of Chilean beef per pound of U.S. beef, a pound of U.S. beef costs $2 and the nominal exchange rate is 500 Chilean pesos per dollar, then Chilean beef costs

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Economics