Author Question: If input costs remain the same as industry output expands, what would you expect to be the long-run ... (Read 52 times)

chandani · **on:** Jun 30, 2018

If input costs remain the same as industry output expands, what would you expect to be the long-run impact of an increase in demand on an industry currently in long-run equilibrium?
a. There will be more firms but the price will remain the same.
b. There will be fewer firms but the price will remain the same.
c. There will be more firms and the price will increase.
d. There will be fewer firms and the price will decrease.

Question 2

_____ are most likely to be upwardly mobile within the income distribution of a country.
a. Single-earner families
b. College graduates
c. People who experience unemployment
d. Non-college graduates
e. Retired individuals