-Assume the Initial Equilibrium Is at Point D in Figure

question 162

Multiple Choice

-Assume the initial equilibrium is at point D in Figure 9-13.If the market demand curve shifts from D₁ to D₂,and this results in entry of new firms in the long-run,the new equilibrium in this increasing-cost industry will be

• A) both C and E
• B) both D and E
• C) at a price less than P₁
• D) at a price higher than P₁
• E) at an output greater than Q₁

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Definitions:

Sociability

The trait of being inclined to engage in social interactions and establish relationships with others, often considered a key aspect of social behavior.

Stability

The state of being steady and unchanged, often referring to emotional or mental equilibrium.

Undercontrolled Temperament

A personality trait characterized by impulsiveness, lack of discipline, and difficulty in delaying gratification.

Anxious

Feeling anxious, troubled, or apprehensive, often in anticipation of an upcoming event or due to the unpredictability of its result.