115. Assume a purely competitive increasing-cost industry is initially in long-run equilibrium and that an increase in consumer demand occurs. After all economic adjustments have been completed product price will be: A. lower, but total output will be larger than originally.B. higher and total output will be larger than originally.C. lower and total output will be smaller than originally.D. higher, but total output will be smaller than originally. 116. Assume a purely competitive, increasing-cost industry is in long-run equilibrium. If a decline in demand occurs, firms will: 117. A purely competitive firm: 118. A constant-cost industry is one in which: 119. An increasing-cost industry is associated with: A. a perfectly elastic long-run supply curve.B. an upsloping long-run supply curve. C. a perfectly inelastic long-run supply curve. D. an upsloping long-run demand curve. 9-12
Chapter 09 - Pure Competition 120. Refer to the above diagrams, which pertain to a purely competitive firm producing output qand the industry in which it operates. Which of the following is correct? 121. Refer to the above diagrams, which pertain to a purely competitive firm producing output qand the industry in which it operates. In the long run we should expect:
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