
The market for craft art used in home decoration is a very competitive market.In this market,costs vary since some people work faster than others and have more artistic talent in producing craft art.In this competitive market,what would we expect to observe
A) firms that are generally unresponsive to change in demand
B) little exit and entry
C) a short-run supply curve more elastic than the market's long-run supply curve
D) an upward-sloping long-run supply curve
Correct Answer:
Verified
Q165: Figure 14-9 Q166: When a competitive market experiences an increase Q167: Under what circumstances might a market have
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