In a Perfectly Competitive Long-Run Constant-Cost Industry, an Increase in Market

question 74

Multiple Choice

In a perfectly competitive long-run constant-cost industry, an increase in market demand causes:

• A) an increase in quantity, a decrease in price, and no change in profit in the long run.
• B) an increase in price, quantity, and profit in the long run.
• C) an increase in quantity, no change in price, and no change in profit in the long run.
• D) a decrease in price, a decrease in quantity, and a decrease in profit in the long run.

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