Consider an Industry That Is in Long-Run Equilibrium

question 55

Multiple Choice

Consider an industry that is in long-run equilibrium. An increase in demand leads to a decrease 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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Definitions:

Criticism

The act of expressing disapproval of someone or something based on perceived faults or mistakes.

Agreeableness

A personality dimension describing someone who is cooperative, empathetic, and friendly.

Conscientiousness

One of the Big Five personality traits, characterized by being systematic, well-organized, careful, and responsible.

Neuroticism

A characteristic of personality marked by fluctuations in mood, feelings of nervousness, and inconsistent emotions.