Suppose, as a Result of a Long-Run Adjustment in a Perfectly

question 180

Multiple Choice

Suppose, as a result of a long-run adjustment in a perfectly competitive industry to a change in demand, price and output both rose.Therefore, demand must have __________ in this __________ industry

• A)fallen; increasing cost
• B)fallen; decreasing cost
• C)increased; increasing cost
• D)increased; decreasing cost
• E)decreased; constant cost

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Definitions:

Memories

Memories are the mental storage of information gained from experiences, which can be consciously recalled or triggered by cues in the environment.

Accurate

The quality of being correct, precise, or exact in measurement, decision, or representation.

Optical Illusions

Visual perceptions that differ from reality, created by discrepancies in the brain's processing of visual information.

Hypnotized

The state of being under a form of psychological suggestion or trance, often used for therapeutic purposes.