Suppose, as a result of a long-run adjustment in a perfectly competitive industry to a change in demand, price and output both rose. Therefore, demand must have __________ in this __________ industry
a. fallen; increasing cost
b. fallen; decreasing cost
c. increased; increasing cost
d. increased; decreasing cost
e. decreased; constant cost
Question 2
Suppose that a price-discriminating monopolist divides its market into two segments. If the firm sells its product for a price of 42 in the market segment where demand is relatively less elastic, the price in the market segment whose customers' demand is more elastic will be
a. 42
b. greater than 42
c. less than 42
d. less than marginal revenue in that market segment
e. equal to marginal revenue in that market segment
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