Beginning from a Point of Long-Run Equilibrium, an Increase in the Market

question 404

Multiple Choice

Beginning from a point of long-run equilibrium, an increase in the market demand for wheat would result in

• A) an increase in the market price of wheat.
• B) existing wheat producers increasing output in the short run and earning positive economic profits.
• C) new firms entering the wheat industry in the long run.
• D) all of the above.

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Definitions:

Applause

The act of clapping hands together to show appreciation or approval, typically in response to a performance or speech.

Criticism

The evaluation of merits and faults of the work or actions of an individual or group.

Counterconditioning

A behavior therapy technique where an unwanted behavior or response is replaced with a more desirable one by associating the behavior with a positive action or feeling.

Conditioned Fear

A learned response to a previously neutral stimulus that has been repeatedly paired with an aversive stimulus, leading to fear responses when the neutral stimulus is presented alone.