A Market Is Initially in a Long-Run Equilibrium and There

question 235

Multiple Choice

A market is initially in a long-run equilibrium and there is a permanent increase in demand.After the new long-run equilibrium is reached,there

• A) are more firms in the market.
• B) are fewer firms in the market.
• C) are the same number of firms in the market.
• D) probably is a different number of firms in the market, but more information is needed to determine if the number of firms rises, falls, or perhaps does not change.
• E) is no change in the market.

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Definitions:

Defamation

The act of communicating false statements about a person that injure the reputation of that person or deter others from associating with them.

Obscenity

Material or conduct judged by legal standards to be offensive, morally corruptive, and not protected by freedom of speech due to its lewd nature.

First Amendment

An amendment to the United States Constitution that protects freedoms, including speech, religion, press, assembly, and the right to petition the government.

Double Jeopardy

is a legal principle that prevents an individual from being tried twice for the same crime on the same set of facts.