In a Perfectly Competitive Market That Is in Long-Run Equilibrium

question 432

Multiple Choice

In a perfectly competitive market that is in long-run equilibrium, a permanent leftward shift in the market demand curve

• A) raises the price in the short run.
• B) raises profits in the short run.
• C) leads to new firms entering the market in the long run.
• D) lowers the price at first but then raises it as firms leave the market.

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Definitions:

Counselor Bias

Preconceived notions or prejudices held by a counselor that might affect their professional judgment or interactions with clients.

Treatment Sensitive

Describes conditions or subjects that exhibit detectable or significant changes in response to interventions or treatments.

Objective Evidence

Information that is measurable, factual, and unbiased, observable by an external observer.

Counseling

The professional guidance of individuals by the use of psychological methods, particularly in resolving personal conflicts and emotional problems.