Answer to Question #52937 in Microeconomics for Yana

Question #52937
possible multiple choice 1. Assume a constant - cost industry that is initially in long - run competitive equilibrium. An increase in demand will cause a(n) __________ in prices and profits, and as a result, firms will __________ the industry, causing the market supply curve to shift __________, which, in turn, will eventually cause the equilibrium price to be __________ before. a. decrease; exit; leftward; lower than b. increase; enter; rightward; higher than c. decrease; exit; rightward; higher than d. increase; enter; rightward; the same as e. increase; exit; leftward; lower than.
1
Expert's answer
2015-07-05T00:00:42-0400
d. increase; enter; rightward; the same as.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS
paypal