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 31 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

bimper21

  • Member
  • Posts: 309
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

The Acheulean industry is typified by hand axes and cleavers. The Acheulean industry is typified by hand axes and cleavers.
Nanomaterials Applications and Industry Used Nanomaterials Applications and Industry Used
How to use the product rule to find the derivative of a function How to use the product rule to find the derivative of a function
Increase in Obesity among U.S. Children and Adolescents Increase in Obesity among U.S. Children and Adolescents
Effect of an Increase in R&D in the Follower Country on the Steady State Effect of an Increase in R&D in the Follower Country on the Steady State
Use the product rule to find derivative Use the product rule to find derivative
Video: Fermentation - When Oxygen Is Absent, Pyruvate to Lactate & Pyruvate to Ethanol

For a complete list of videos, visit our video library