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Author Question: Suppose a perfectly competitive market is in long-run equilibrium. If there is a permanent increase ... (Read 63 times)

renzo156

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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


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stallen

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

A


renzo156

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

scottmt

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

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