Beginning from a long run equilibrium in a competitive industry, if there is a substantial, permanent increase in demand for industry output:
a. firms will enter the industry, the quantity produced will rise, and prices will end up lower than their initial long run equilibrium level.
b. firms will enter the industry, the quantity produced will rise, and prices will end up higher than their initial long run equilibrium level.
c. firms will enter the industry, the quantity produced will rise, and prices will end up at the same level as their initial long run equilibrium level.
d. firms will enter the industry, the quantity produced will rise, and but without more information, we cannot know if prices will end up higher than their initial long run equilibrium level.
Question 2
The own-price elasticity of demand is defined as:
a. the ratio of a change in quantity demanded and the change in price.
b. the ratio of the percentage change in quantity demanded to the percentage change in price.
c. the ratio of the percentage change in quantity demanded to the percentage change in input prices.
d. the ratio of a change in output and the change in input usage.
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