When Consumer Demand for a Good Produced in a Price-Taker

question 133

Multiple Choice

When consumer demand for a good produced in a price-taker market decreases,

• A) firms in the industry will continue to produce at the same output levels as before.
• B) total market output will generally rise, but each individual firm will reduce its output.
• C) the market price of the good will rise, causing additional resources to flow into the industry in the long run.
• D) some firms will shut down in the long run, making their resources available for the production of other goods.

---

Definitions:

Inches

A unit of measurement for length in the imperial and US customary systems, equal to 1/12th of a foot.

JApplet

A component for creating Java applets, which are small applications designed to be run in a web browser or applet viewer.

Class

A blueprint or template for creating objects in object-oriented programming, defining the state and behavior that the objects of the class all share.

Extended

In software development, "Extended" refers to versions or features that add additional capabilities beyond the basic or standard offerings.