This topic contains a solution. Click here to go to the answer

Author Question: If there is a permanent increase in demand for the product of a perfectly competitive industry, the ... (Read 94 times)

Zulu123

  • Hero Member
  • *****
  • Posts: 525
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
Answer to Question 1

c

Answer to Question 2

False




Zulu123

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


jojobee318

  • Member
  • Posts: 298
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

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 lipid bilayer is made of phospholipids. They are arranged in a double layer because one of their ends is attracted to water while the other is repelled by water.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Did you know?

Thyroid conditions may make getting pregnant impossible.

For a complete list of videos, visit our video library