Refer to Figure 23.4 for a perfectly competitive market and firm. Which of the following is likely to occur in the market in the long run, ceteris paribus?
A) An increase in demand.
B) A decrease in demand.
C) An increase in supply.
D) A decrease in supply.

Question

Refer to Figure 23.4 for a perfectly competitive market and firm. Which of the following is likely to occur in the market in the long run, ceteris paribus?
A) An increase in demand. 
B) A decrease in demand. 
C) An increase in supply. 
D) A decrease in supply.

Quizplus · Accepted Answer

The Answer of  Refer to Figure 23.4 for a perfectly competitive market and firm. Which of the following is likely to occur in the market in the long run, ceteris paribus?
A) An increase in demand. 
B) A decrease in demand. 
C) An increase in supply. 
D) A decrease in supply.