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Supply in a Competitive Market - End of Chapter Problem
Suppose that the restaurant industry is perfectly competitive. All producers have identical cost curves, and the industry is currently in long-run equilibrium, with each producer producing at its minimum long-run average total cost of $8.
a. Suppose there is a sudden increase in demand for restaurant meals. In the short run, the price of restaurant meals will _____________, and individual firms will respond to the price change by _____________ their output. In the long run, the price of restaurant meals will __________________ its original level, as firms __________________ the industry.
hole, the change in the equilibrium quantity will be ______________.
c. For the individual firm, the change in the equilibrium quantity will be __________ in the short run and __________________in the long run.
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