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ECON-1010-A-Introduction to Microeconomics
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The market for maple syrup is perfectly competitive and the market is in long-run equilibrium. If the market demand for maple syrup increases, which of the following events does not occur?
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What is the slope of a perfectly competitive firm's demand curve?
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In a perfectly competitive market with no externalities, what do the market demand and supply measure?The market demand curve measures the ________ and the market supply curve measures the ________.
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When will a perfectly competitive firm shut down temporarily?When the market price is so low that total revenue is insufficient to cover the
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In which of the following situations is a perfectly competitive firm maximizing economic profit or minimizing economic loss?The firm is producing the quantity at which the firm's
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Initially, a perfectly competitive market that has 1,000 firms is in long-run equilibrium. Then 100 firms in the industry adopt a new technology that reduces the average cost of producing the good. Which of the following events occur in the short run?The market price ________, firms with the new technology make ________ economic profit, and firms using the old technology ________.
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Choose the statement about the long-run equilibrium in a perfectly competitive market that is correct.
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