When new entrants into a competitive market have higher costs than existing firms,

a. accounting profits will be the primary determinant of entry into the market.
b. sunk costs become an important determinant of the short-run entry strategy.
c. market price will rise.
d. long-run supply is constant.

c

Economics

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The data in the above figure indicate that the economy will be in a long-run macroeconomic equilibrium at a price level of

A) 140. B) 130. C) 100. D) 120.

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The same factors that lead to a change in quantity demanded also cause a change in demand.

a. true b. false

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