In a perfectly competitive market:
A) price does more of the adjusting in the long run and quantity does more of the adjusting in the short run.
B) price does more of the adjusting in the short run and quantity does more of the adjusting in the long run.
C) only price adjusts in both the short run and the long run.
D) only quantity adjusts in both the short run and the long run.
Correct Answer:
Verified
Q120: The demand for clothing increases. As a
Q121: Refer to the graphs shown, which depict
Q122: Suppose the dry cleaning industry is initially
Q123: Refer to the graphs shown, which depict
Q124: Refer to the graphs shown, which depict
Q126: In a perfectly competitive long-run constant-cost industry,
Q127: Refer to the graphs shown, which depict
Q128: Assume the smart watch industry is a
Q129: Refer to the graphs shown, which depict
Q130: Refer to the graphs shown, which depict
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents