You Are Generating Traveling Waves on a Stretched String by Wiggling

question 16

Multiple Choice

You are generating traveling waves on a stretched string by wiggling one end.If you suddenly begin to wiggle more rapidly without appreciably affecting the tension,you will cause the waves to move down the string

• A) faster than before.
• B) slower than before.
• C) at the same speed as before.

Predict the impact of changes in demand and supply on market prices and the quantity produced.

Understand the conditions under which firms in a competitive market earn zero economic profit in the long run.

Identify the impact of factor prices on the market supply curve in the long term.

Understand the concept of a constant cost industry and its characteristics.