Assume That a Perfectly Competitive Increasing-Cost Industry Is in Long-Run

question 32

Multiple Choice

Assume that a perfectly competitive increasing-cost industry is in long-run equilibrium when market demand suddenly increases.Which of the following statements is not correct?

• A)Existing firms will earn economic profits in the new long-run equilibrium
• B)Existing firms will increase output in the short run
• C)New firms will enter the industry in the long run
• D)Some resource suppliers to the industry will earn higher income
• E)The new long-run equilibrium price will exceed the original equilibrium price

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This statistical metric signifies the estimated range of values within which a population parameter falls, presented with a certain degree of confidence, showing the precision of an estimate.

York University

A public research university located in Toronto, Ontario, Canada.