Beginning from a long run equilibrium in an increasing cost industry, if there is a substantial, permanent fall in demand for industry output:
a. firms will leave the industry, the quantity produced will fall, and prices will end up lower than their initial long run equilibrium level.
b. firms will leave the industry, the quantity produced will fall, and prices will end up higher than their initial long run equilibrium level.
c. firms will leave the industry, the quantity produced will fall, 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 prices will end up lower than their initial long run equilibrium level.
Question 2
The proportion of domestic demand for a good that is satisfied by domestic production relative to that supplied by imports is determined by:
a. the interplay of domestic demand and supply curves and the domestic equilibrium price of the good.
b. the interplay of demand and supply curves in the international market and the international equilibrium price of a good.
c. the interplay of domestic supply and demand curves and the international equilibrium price of a good.
d. the different trade restrictions like tariffs and quotas created by the domestic government.
e. the interplay of demand and supply curves in the international market and the domestic price of the good
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