Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates. The predicted long-run adjustments in this industry might be offset by
A)a decline in product demand.
B)an increase in resource prices.
C)a technological improvement in production methods.
D)entry of new firms into the industry.

Question

Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates. The predicted long-run adjustments in this industry might be offset by
A)a decline in product demand. 
B)an increase in resource prices. 
C)a technological improvement in production methods. 
D)entry of new firms into the industry.

Quizplus · Accepted Answer

The Answer of  Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates. The predicted long-run adjustments in this industry might be offset by
A)a decline in product demand. 
B)an increase in resource prices. 
C)a technological improvement in production methods. 
D)entry of new firms into the industry.

Refer to the Diagrams, Which Pertain to a Purely Competitive