In a perfectly competitive market, an increase in market demand
A) raises the price in the short run and attracts new firms in the long run.
B) raises the price in the short run and the long run.
C) lowers the price in the short run and in the long run.
D) has no effect on the price in either the short run or the long run because the firms are price takers.
Correct Answer:
Verified
Q372: The industry that produces zangs is in
Q373: Q374: When a perfectly competitive market is in Q375: The market for maple syrup is perfectly Q376: A perfectly competitive industry is in long-run Q378: In a perfectly competitive market, a permanent Q379: In the long run, perfectly competitive firms Q380: In a perfectly competitive market, technological advances Q381: In the long-run equilibrium, perfectly competitive firms Q382: Fresno County, California is the largest agricultural
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