With Identical Firms, Constant Input Prices, and All the Other

question 17

Multiple Choice

With identical firms, constant input prices, and all the other characteristics of a competitive market

• A)a shift in demand has no effect on the long-run average cost and so there is no change in equilibrium price and quantity.
• B)a shift in demand will change the equilibrium price and quantity.
• C)a shift in demand has no effect on the long-run average cost, resulting in a change in equilibrium quantity but not price.
• D)a shift in demand has no effect on the long-run average cost, resulting in a change in equilibrium price but not quantity.

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