Consider a Competitive Market with a Large Number of Identical

question 138

Multiple Choice

Consider a competitive market with a large number of identical firms. The firms in this market do not use any resources that are available only in limited quantities. In this market, an increase in demand will

• A)increase price in the short run but not in the long run.
• B)increase price in the long run but not in the short run.
• C)increase price both in the short and the long run.
• D)not affect price in either the short or the long run.

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Definitions:

Stream of Consciousness

A literary style or mental process where thoughts and feelings are presented in a continuous flow, mimicking the human mind's natural operation.

Circadian Rhythm

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Level of Awareness

The extent to which an individual is conscious of aspects of their environment or personal experiences.

Automatic Processing

The ability of the brain to perform tasks with little or no conscious thought, often developed through repetitive practice and learning.