The Market for Maple Syrup Is Perfectly Competitive

question 78

Multiple Choice

The market for maple syrup is perfectly competitive. Suppose that the market is in long-run equilibrium when the market demand for maple syrup increases. What happens in the short run?

• A) Firms will enter the market.
• B) Some of the existing firms shut down.
• C) The firms decrease production.
• D) The firms increase production.

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