The Market for Maple Syrup Is Perfectly Competitive

question 323

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. In the long run, firms will ________ the market and the market ________ will ________.

• A) leave; supply; decrease
• B) enter; supply; increase
• C) leave; demand; decrease
• D) enter; supply; decrease

---

Definitions:

Meaningful Context

The importance of ensuring that the environment or situation in which information is presented is relevant and significant to the audience.

Data

Factual information, often structured in numbers, text, or images, used as a basis for reasoning, discussion, or calculation.

Information

Data that has been processed, organized, or structured in a way that adds context or meaning.

Bounded Rationality Model

A concept suggesting that individuals make decisions based on the limited information available to them and within the constraints of their cognitive capacity.