If the Long-Run Market Supply Curve Is Perfectly Elastic, a Fall

question 58

Multiple Choice

If the long-run market supply curve is perfectly elastic, a fall in demand will cause the final equilibrium to be at:

• A) the same price but a lower output.
• B) a lower price and a lower output.
• C) a lower price but the same output.
• D) the same price and the same output.

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Definitions:

In-House Surveys

Internal surveys conducted within an organization to gather feedback or assess opinions from employees or stakeholders.

Wage Trends

Refers to the patterns or movements in wages or salaries over a period of time within an industry, profession, or the economy at large.

Red Circle Rates

Payment rates above the maximum of the pay range