If Demand in a Perfectly Competitive Market Decreases, Supply Will

question 13

Multiple Choice

If demand in a perfectly competitive market decreases, supply will:

• A)not change in the short run.
• B)increase in the long run.
• C)increase in the short run.
• D)decrease in the short run.

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Definitions:

Induce

To lead or move someone to do something, often through persuasion or influence.

Liability

A legal responsibility or obligation, which can be in the form of debts or obligations arising from contracts, or as a result of violating laws and causing harm.

Appropriation

The act of setting aside funds for a specific purpose or the unauthorized use of someone's name, likeness, or work without permission.

Intrusion

An unauthorized entry or encroachment into someone else's property or personal affairs.