Suppose the Long-Run Equilibrium Price in a Perfectly Competitive Market

question 37

Multiple Choice

Suppose the long-run equilibrium price in a perfectly competitive market is $100. When demand increases, if it is a(n) _____ industry, the long-run equilibrium price will _____ to reflect a _____ long-run average total cost.

• A) decreasing-cost; rise; lower
• B) increasing-cost; rise; lower
• C) decreasing-cost; fall; lower
• D) increasing-cost; fall; higher

Evaluate the importance of adhering to application instructions for a positive first impression.

Recognize the necessity of professional presentation during job interviews.

Understand the ethical considerations in discussing previous employment experiences.

Understand the recommended dietary requirements for maintaining a healthy heart.

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Definitions:

Value Analysis

A process to improve and optimize a product or service, focusing on its functionality, to reduce costs and increase value for the customer.

Design Engineers

are professionals who apply engineering principles and software to create specifications for, design, develop, and test new or improved products.

Financial Status

Describes the current state of an individual's or organization's finances, encompassing aspects such as income, debts, assets, and liabilities.

Potential Suppliers

Companies or individuals who might be able to provide goods or services that an organization needs.