Long-run perfect competition equilibrium

Assignment Help Business Economics

Reference no: EM131388222

Suppose that an industry is in long-run perfect competition equilibrium. Then the price of a substitute good (in consumption) decreases. What will happen in the short run to: a. The market supply and demand curves b. Market price c. Market output d. The firm’s output e. The firm’s profit

How about in the long run? Answer for each of the variables in a-e.

Reference no: EM131388222

Questions Cloud

What is the ticker symbol of the company you chose : What is the ticker symbol of the company you chose? What is the Current Stock Price? What is the Market Cap for the stock you chose? What is the Price to Earnings Ratio?

Which faces a greater need for global standardization why : Discuss the pressures for local responsiveness and global standardization faced by each firm. Which experiences the greater pull toward local responsiveness? Why? Which faces a greater need for global standardization? Why?

How much burrus recover in damages for breach of warranty : Itek contends that consequential damages are not recoverable in this case since Burrus elected to keep the press and continued to use it. How much should Burrus recover in damages for breach of warranty? Is he entitled to consequential damages?

What were some positive consequences of that development : The availability of hospital insurance removed an important cost constraint from hospital services and charges. What were some positive and negative consequences of that development?

Long-run perfect competition equilibrium : Suppose that an industry is in long-run perfect competition equilibrium. Then the price of a substitute good (in consumption) decreases. How about in the long run?

To what damages if any is the grain dealer entitled : Then he bought corn at a greatly increased price on the market in order to fulfill commitments to his purchasers. To what damages, if any, is the grain dealer entitled? Explain.

Is restorative justice useful in lowering rate of recidivism : Society's response to crime has changed over the past century. The approach of rehabilitation in the 1960s has gradually been replaced with a "get tough on crime" approach, bringing in mandatory sentencing laws and long prison sentences. Regardles..

Calculate the addition to retained earnings expected : Calculate the addition to retained earnings expected in 2016

What should barr be able to recover from s 2 yachts : According to the expert, not only was the yacht not new, it was worth at most only a half of the new value of $102,000. What should Barr be able to recover from S-2 Yachts and Crow's Nest?

User Account

All Pages