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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Definitions:

Concealment

The act of hiding or withholding important information, particularly in legal or financial contexts.

Material

Referring to facts or information that are significant or essential to the issue or subject at hand.

Misrepresentation

A false statement of fact made by one party to another, which, while not constituting a term of the contract, induces the other party to enter the contract.

Inducing

The act of persuading or leading someone to undertake a certain action, often with implications in legal contexts like contracts or torts.