Figure 14-7 Graph (a) Graph (b) MC ATC D. Q, a, a, a QUANTITY QUANTITY Refer to Figure 14-7. Assume that the market starts in equilibrium at point W in graph (b) and that graph (a) illustrates the cost curves facing individual firms. Suppose that demand increases from D. to D,. Which of the following statements is not correct? O a. Point W is a long-run equilibrium point. O b. Point Y is a long-run equilibrium point. O c. Point Z is a long-run equilibrium point. O d. Points w, Y, and Z are short-run equilibria points.

Figure 14-7 Graph (a) Graph (b) MC ATC D. Q, a, a, a QUANTITY QUANTITY Refer to Figure 14-7. Assume that the market starts in equilibrium at point W in graph (b) and that graph (a) illustrates the cost curves facing individual firms. Suppose that demand increases from D. to D,. Which of the following statements is not correct? O a. Point W is a long-run equilibrium point. O b. Point Y is a long-run equilibrium point. O c. Point Z is a long-run equilibrium point. O d. Points w, Y, and Z are short-run equilibria points.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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