Consider an Industry That Is in Long-Run Equilibrium

question 366

Multiple Choice

Consider an industry that is in long-run equilibrium. An increase in demand leads to an increase in the price of the good. We know that this is

• A) a decreasing-cost industry.
• B) a constant cost industry.
• C) an increasing-cost industry.
• D) not a competitive industry.

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Learning

The process of acquiring new understanding, knowledge, behaviors, skills, values, attitudes, and preferences.

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The quality of having experience, knowledge, and good judgment.

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Franz Gall

An early 19th-century neuroanatomist and physiologist, known for developing phrenology, a theory linking brain areas to different personality traits.