If There Is a Permanent Decrease in Demand in a Perfectly

question 39

Multiple Choice

If there is a permanent decrease in demand in a perfectly competitive market, then there is an initial ________ in price and existing firms ________.

• A) rise; make an economic profit
• B) rise; incur an economic loss
• C) fall; make an economic profit
• D) fall; incur an economic loss

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Definitions:

pH

A numeric scale used to specify the acidity or basicity of an aqueous solution, ranging from 0 to 14.

Strong Acids

Acids that completely dissociate into their ions in water, significantly increasing the concentration of hydrogen ions in a solution.

Reduced

Reduced typically refers to a chemical reaction in which atoms gain electrons, or in a broader sense, the diminishment in size, amount, or intensity of something.

Acid

Substances that release hydrogen ions (H+) when dissolved in water, characterized by their sour taste and the ability to turn litmus paper red.