Assume That a Constant-Cost Industry Experiences an Increase in Demand

question 29

Multiple Choice

Assume that a constant-cost industry experiences an increase in demand. In the long run, this will cause the price to be

• A)exceed its original equilibrium level.
• B)equal its original equilibrium level.
• C)be lower than its original equlibrium level.
• D)equal to zero.

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Definitions:

Work Group

A collection of individuals who come together to achieve a specific goal or task, often within a professional setting.

Collection of Individuals

A group of people gathered together without necessarily having a shared purpose, distinct from a team which is united by common objectives.

Team Effectiveness

Refers to the capacity of a group of individuals to achieve their goals and objectives effectively and efficiently.

Leader

A person who influences and guides others towards achieving a common goal.