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Author Question: If there is a permanent increase in demand for the product of a perfectly competitive industry, the ... (Read 32 times)

Zulu123

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on: Jun 30, 2018
If there is a permanent increase in demand for the product of a perfectly competitive industry, the process of transition to a new long-run equilibrium will include:
 a. the entry of new firms.
  b. temporarily higher profits.
  c. both a and b.
  d. neither a nor b.

Question 2

If demand for a good is price elastic, it must also be income elastic.
 a. True
  b. False
  Indicate whether the statement is true or false


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Jane

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

False


Zulu123

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

elyse44

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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