Suppose the cost curves in the above figure apply to all firms in the market. Then, if the initial price is P1, in the long run the market
A) demand will increase.
B) demand will decrease.
C) supply will increase.
D) supply will decrease.
D
Economics
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The law of demand implies, holding everything else constant, that as the price of yogurt
A) decreases, the quantity of yogurt demanded will decrease. B) increases, the demand for yogurt will increase. C) increases, the quantity of yogurt demanded will decrease. D) decreases, the demand for yogurt will increase.
Economics
What is the difference between total cost and variable cost in the long run?
What will be an ideal response?
Economics