The Market for Maple Syrup Is Perfectly Competitive

question 30

Multiple Choice

The market for maple syrup is perfectly competitive.Suppose that the market is in long-run equilibrium when the market demand for maple syrup increases.All of the following occur except

• A)in the long run,firms make an economic profit.
• B)the price rises in the short run.
• C)the equilibrium quantity increases.
• D)in the short run,existing firms make an economic profit.
• E)the number of firms in the long run is greater than the number of firms in the short run.

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Definitions:

Collecting

The action or hobby of gathering items of a particular type, often of cultural, historical, or financial value.

Transferred Check

A check that has been signed over by the original recipient to a new recipient, allowing the latter to cash or deposit the check.

Intermediary

An entity that acts as the middleman between two parties in a transaction, helping to facilitate communication and the exchange of goods, services, or information.

Depositary Banks

Financial institutions that hold securities, such as stocks and bonds, in electronic or physical form for safekeeping and facilitate transactions for these securities.