In the Short Run, an Increase in Demand for a Good

question 25

Multiple Choice

In the short run, an increase in demand for a good that is sold in a perfectly competitive market

• A) increases the number of firms in the market.
• B) increases the economic profits of existing firms in the market.
• C) has no effect on the price.
• D) causes more firms to shut down.

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Definitions:

Operating Agendas

The set of priorities, tasks, and activities that an organization or individual plans to focus on during a certain period.

Norming Stage

The stage in group development where team members adjust their behaviors to work more cohesively and establish norms for group interaction.

Forming Stage

The initial phase in group development where teams are created, members get acquainted, and define their task and how to approach it.

Culturally Diverse

Culturally diverse implies the inclusion and representation of people from various racial, ethnic, socioeconomic, and cultural backgrounds.