Consider a Competitive Market with a Large Number of Identical

question 138

Multiple Choice

Consider a competitive market with a large number of identical firms. The firms in this market do not use any resources that are available only in limited quantities. In this market, an increase in demand will

• A)increase price in the short run but not in the long run.
• B)increase price in the long run but not in the short run.
• C)increase price both in the short and the long run.
• D)not affect price in either the short or the long run.

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Definitions:

Sequential Search

A search method that checks every element in a list or array one by one until the desired element is found or the list ends.

Key Comparisons

In algorithms or data structures, these are critical operations where values are compared to achieve sorting or to check for duplicates.

Binary Search

Binary search is an efficient algorithm for finding an item from a sorted list of items by repeatedly dividing the search interval in half.

Index Variable

Utilized in programming constructs to navigate through elements in data structures like arrays by incrementing or decrementing its value.