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

Author Question: If there is a permanent increase in demand for the product of a perfectly competitive industry, the ... (Read 95 times)

Zulu123

  • Hero Member
  • *****
  • Posts: 525
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Jane

  • Sr. Member
  • ****
  • Posts: 309
Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

False


Zulu123

  • Member
  • Posts: 525
Reply 2 on: Jun 30, 2018
Wow, this really help

bigsis44

  • Member
  • Posts: 317
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Eating carrots will improve your eyesight. Carrots are high in vitamin A (retinol), which is essential for good vision. It can also be found in milk, cheese, egg yolks, and liver.

Did you know?

According to animal studies, the typical American diet is damaging to the liver and may result in allergies, low energy, digestive problems, and a lack of ability to detoxify harmful substances.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Did you know?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Mean scores for Erikson’s stage V (Identity) for two cohorts. Scores for both cohorts increase ... Mean scores for Erikson’s stage V (Identity) for two cohorts. Scores for both cohorts increase ...
Lineweaver–Burk plots of the reactions with and without a competitive inhibitor Lineweaver–Burk plots of the reactions with and without a competitive inhibitor
Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition
Use the product rule to find derivative Use the product rule to find derivative
Find derivative using product rule Find derivative using product rule
Find the factor demand for labour and the amount of output it will produce. Show all ... Find the factor demand for labour and the amount of output it will produce. Show all ...
Video: New DNA Strand Replication

For a complete list of videos, visit our video library