Fill in the accompanying table, showing whether equilibrium price and equilibrium quantity go up, down or stay the same.
Definitions:
Marginal Cost
The elevation in costs incurred by the creation of an additional unit of a good or service.
Long-Run Equilibrium
A state in which all factors of production and economic inputs can be fully adjusted, and all market forces are balanced.
Increase in Demand
A situation where the quantity of a good or service that consumers are willing and able to purchase at a particular price rises.
Marginal Revenue
The additional revenue that a firm gains when it sells one more unit of a product or service.
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