​A Sudden Fall in the Market Demand in a Competitive

question 23

Multiple Choice

​A sudden fall in the market demand in a competitive industry leads to

• A)​A short run market equilibrium price higher than the original equilibrium
• B)A market equilibrium price lower than the short run price
• C)Some firms exiting the market
• D)​All of the above

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Definitions:

Brachiocephalic Artery

The brachiocephalic artery is a major blood vessel arising from the aortic arch that supplies blood to the right arm and the head and neck.

Left Common Carotid

A major artery in the neck that supplies blood to the head, neck, and brain.

Left Subclavian

Refers to the left subclavian artery, a major artery that supplies blood to the left arm and, indirectly, to portions of the head and thorax.

Aortic Arch

The portion of the major artery (the aorta) that bends between the ascending and descending aorta, giving rise to several branches that supply blood to the head and arms.