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?

Question

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?

Accepted Answer

In the long run, firms make an economic profit.

Answer

The equilibrium quantity of maple syrup increases.

Answer

In the short run, each firm makes an economic profit.

Answer

The market price rises in the short run.

Answer

The number of firms in the long run is greater than the number of firms in the short run.

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The market for maple syrup is perfectly competitive and the market is in long-ru...

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