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.

---

Definitions:

Controlling

The process of monitoring performance, comparing it with goals and standards, and taking corrective action when necessary.

Improving

is the process of making something better or more effective through changes or adjustments.

Planning Process

A systematic approach to defining goals, developing strategies, and outlining tasks and schedules to achieve the desired outcomes.

Objectives And Goals

Specific, measurable, achievable, relevant, and time-bound targets set by an individual or organization aimed at achieving a desired outcome.