In the very short run:
A) new firms may enter an industry.
B) existing firms may change the quantity they are supplying.
C) price and quantity supplied are absolutely fixed.
D) quantity supplied is absolutely fixed.
Correct Answer:
Verified
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Q12: If a 1 percent increase in price
Q16: One example of Ricardian rent is:
A)rent paid
Q17: For an increasing cost industry,the long-run supply
Q18: An increase in the price of good
Q19: A change in the distribution of income
Q20: Long-run elasticity of supply is defined as
A)percentage
Q21: A deadweight loss of consumer and/or producer
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