Refer to the scenario above. How will the demand for pens faced by the existing pen manufacturers in Eduland be affected if several firms exit the industry in the long run?
A) The demand curve by existing firms will become perfectly inelastic.
B) The demand curve by existing firms will become perfectly elastic.
C) The demand faced by existing firms will increase.
D) The demand faced by existing firms will decrease.
C
Economics
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In a perfectly competitive labor market, a profit-maximizing firm will hire labor up to the point at which the
a. wage rate = MRC b. wage rate < MRP c. wage rate = MRP d. wage rate > MRP e. wage rate = MP
Economics
Unions tend to: a. shift labor from the union sector to the non-union sector of the economy. b. shift labor from the non-union sector to the union sector of the economy. c. decrease wages in the union sector
d. increase wages in the non-union sector.
Economics