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In a constant-cost industry, any shift in demand will eventually Select one: O a. be met by a smaller change in supply. O b. result in a higher equilibrium price. make economic profits zero in the short run. O d. be met by an equal change in supply, so equilibrium price will not change.

In a constant-cost industry, any shift in demand will eventually Select one: O a. be met by a smaller change in supply. O b. result in a higher equilibrium price. make economic profits zero in the short run. O d. be met by an equal change in supply, so equilibrium price will not change.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In a constant-cost industry, any shift in demand will eventually Select one: O a. be met by a smaller change in supply. O b. result in a higher equilibrium price. O C. make economic profits zero in the short run. O d. be met by an equal change in supply, so equilibrium price will not change.
Transcribed Image Text:In a constant-cost industry, any shift in demand will eventually Select one: O a. be met by a smaller change in supply. O b. result in a higher equilibrium price. O C. make economic profits zero in the short run. O d. be met by an equal change in supply, so equilibrium price will not change.
The positively sloped portion of a perfectly competitive firm's marginal cost curve above the intersection with AVC is that firm's Select one: O a. demand curve. b. economic profit. O c. accounting profit. O d. supply curve.
Transcribed Image Text:The positively sloped portion of a perfectly competitive firm's marginal cost curve above the intersection with AVC is that firm's Select one: O a. demand curve. b. economic profit. O c. accounting profit. O d. supply curve.
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