This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Suppose a perfectly competitive market is in long-run equilibrium. If there is a permanent increase ... (Read 127 times)

renzo156

  • Hero Member
  • *****
  • Posts: 526
on: Jun 29, 2018
Suppose a perfectly competitive market is in long-run equilibrium. If there is a permanent increase in demand,
 
  A) at least in the short run, some firms will increase their output.
  B) at least in the short run, the price will increase initially.
  C) new firms will enter the market.
  D) All of the above answers are correct.

Question 2

In the above figure, the competitive wage rate is ________ and the quantity of labor is ________.
 
  A) 7.00; 150 hours
  B) 8.00; 200 hours
  C) 6.00; 100 hours
  D) 8.00; 100 hours


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

stallen

  • Sr. Member
  • ****
  • Posts: 336
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

A


renzo156

  • Member
  • Posts: 526
Reply 2 on: Jun 29, 2018
Wow, this really help

irishcancer18

  • Member
  • Posts: 310
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Complications of influenza include: bacterial pneumonia, ear and sinus infections, dehydration, and worsening of chronic conditions such as asthma, congestive heart failure, or diabetes.

Did you know?

Congestive heart failure is a serious disorder that carries a reduced life expectancy. Heart failure is usually a chronic illness, and it may worsen with infection or other physical stressors.

Did you know?

Addicts to opiates often avoid treatment because they are afraid of withdrawal. Though unpleasant, with proper management, withdrawal is rarely fatal and passes relatively quickly.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Local and long–distance cell communication in animals. Local and long–distance cell communication in animals.
A cutaway of a typical water pump showing the long bearing assembly and the seal. The weep hole is ... A cutaway of a typical water pump showing the long bearing assembly and the seal. The weep hole is ...
IPCC Temperature Increase Predictions Relative to 1986-2005 IPCC Temperature Increase Predictions Relative to 1986-2005
Relations Between Iconic Memory, Short-Term Memory, and Long-Term Memory Relations Between Iconic Memory, Short-Term Memory, and Long-Term Memory
Increase in Surface Area by Mechanical Weathering Increase in Surface Area by Mechanical Weathering
When a 2.75-kg fan, having blades 18.5 cm long, is turned off, its angular speed decreases ... When a 2.75-kg fan, having blades 18.5 cm long, is turned off, its angular speed decreases ...
Video: Primate Evolutionary Tree Animation

For a complete list of videos, visit our video library