Suppose the Market for Corn Is a Purely Competitive, Constant-Cost

question 58

Multiple Choice

Suppose the market for corn is a purely competitive, constant-cost industry that is in long-run equilibrium. Now assume that an increase in consumer demand occurs. After all resulting adjustments have been completed, the new equilibrium price will be

• A)the same as the initial equilibrium price, but the new industry output will be greater than the original output.
• B)greater than the initial price, and the new industry output will be greater than the original output.
• C)less than the initial price, but the new industry output will be greater than the original output.
• D)the same as the initial equilibrium price, and the industry output will remain unchanged.

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The combination of characteristics or qualities that form an individual's distinctive character in adulthood, often considered relatively stable over time.

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An individual's perception of themselves, including beliefs about one’s attributes, roles, goals, and competencies.

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A state of being where there is a discrepancy between one's self-image and the reality of one’s experiences or behaviors, often leading to psychological distress.

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