Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 10PA
Related questions
Question
-
Consider a
perfectly competitive market. Currently theequilibrium price is above the minimum ofAverage Total Cost . This is likely to result in _____________ and ___________ in price.A. Decrease in market demand; decrease in price
B. Increase in market demand; increase in price
C. Increase in market supply; and decrease
D. Decrease in market supply; and decrease
E. Increase in market supply; and increase
F. Decrease in market supply; and increase
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