Assume that a perfectly competitive market is in long-run equilibrium. Suppose as a result of a health hazard associated with the industry's product, demand decreases drastically. What is the immediate result of this event?
A) The typical firm's average total cost curve shifts downward.
B) The typical firm's marginal cost curve shifts to the left.
C) The market price falls and the typical firm suffers an economic loss.
D) The market supply increases to offset the fall in demand.
Question 2
If aggregate expenditure is less than GDP, how will the economy reach macroeconomic equilibrium?
A) Inventories will decline, and GDP and employment will decline.
B) Inventories will rise, and GDP and employment will rise.
C) Inventories will decline, and GDP and employment will rise.
D) Inventories will rise, and GDP and employment will decline.
Features found in a long bone.
Greenstick Only one side of the shaft is broken, and the other is bent (like a greenstick); usually
A long, narrow cobbled street in Old San Juan.
Drug tolerance: A shift in the dose-response curve to the right as a result of exposure to the drug.
Project Management: Achieving Competitive Advantage, 5th Edition
Iraqi market