A perfectly competitive, increasing cost industry is initially in long run equilibrium. Then, there is an increase in demand. Compared with the initial equilibrium, once the new long run equilibrium is reached:
a. price will be higher and total output will be greater than before.
b. price will be the same and total output will be greater than before.
c. price will be lower and total output will be greater than before.
d. price will be higher, and therefore total output will be smaller than before.
Question 2
If the world price is below the domestic no-trade equilibrium price, then with international trade:
a. the domestic shortage can be eliminated by rationing.
b. the domestic surplus can be consumed at home.
c. the domestic surplus can be exported to the rest of the world.
d. the domestic quantity demanded is equal to that supplied by the world.
e. the domestic shortage can be met by foreign imports.
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