A perfectly competitive industry is in long-run equilibrium. If demand for the product increases, we can expect the price of the good to:
A. rise at first and then fall.
B. fall at first and then rise.
C. rise and remain at the higher price.
D. fall and remain at the lower price.
Answer: A
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Which of the following happens if the real interest rate of an economy rises?
A) Labor demand increases. B) Labor supply falls. C) Investment falls. D) Consumption increases.
The change in quantity demanded derived from a change in price is
a. the movement along a demand curve b. the movement along a supply curve c. a shift in the demand curve d. a shift in the supply curve
Which of the following groups has the lowest median income in the United States?
A. Married couples with both spouses working B. Female-headed families with no husband present C. Male-headed families with no wife present D. Married couple families with the wife not working
An increase in the quantity of capital shifts the ... curve ... and the ... curve ...
What will be an ideal response?