The demand for a product produced in a perfectly competitive market permanently increases. In the short run, the price
A) rises and each firm produces less output.
B) rises and each firm produces more output.
C) does not change as new firms enter the industry.
D) does not change because each firm produces more output.
B
Economics
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Fill in the blank: In the economic way of thinking, ________ are the key to help people coordinate production and consumption plans
A) abundant levels of natural resources B) well-meaning and inspired economic planners C) market-formed prices D) years of training in economic theory
Economics
Suppose that with a strictly enforced rent ceiling on rooms of $550 a month, a black market develops. How high could the black market rent be and would the on-campus housing market be fair? Explain your answer
What will be an ideal response?
Economics