Demand Increases in an Increasing-Cost Industry That Is Initially in Long-Run

question 167

Multiple Choice

Demand increases in an increasing-cost industry that is initially in long-run competitive equilibrium. After full adjustment, price will be

• A)equal to its original level.
• B)below its original level.
• C)above its original level.
• D)There is not enough information to answer the question.

Understand the distinction between goods and services, including examples and characteristics.

Identify the differences between durable and nondurable goods.

Recognize the impact of product types on marketing strategies.

Comprehend the concept of a product, including tangible and intangible attributes.

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