Suppose the price of beans rises from $1.00 a pound to $2.00 a pound, quantity demanded falls from 10 units to 6 units. In this example, the demand for beans is said to be

In short run equilibrium in a perfectly competitive industry whose firms are earning economic profits, a firm: a. has no incentive to change its output

b. has no incentive to change its plant size. c. has no incentive to expand its factory. d. has no incentive to leave the industry.

Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.

A. higher; higher B. higher; potential C. lower; higher D. lower; potential