With identical firms, constant input prices, and all the other characteristics of a competitive market A)a shift in demand has no effect on the long-run average cost, resulting in a change in equilibrium quantity but not price. B)a shift in demand has no effect on the long-run average cost and so there is no change in equilibrium price and quantity. C)a shift in demand will change the equilibrium price and quantity. D)a shift in demand has no effect on the long-run average cost, resulting in a change in equilibrium price but not quantity.

With identical firms, constant input prices, and all the other characteristics of a competitive market A)a shift in demand has no effect on the long-run average cost, resulting in a change in equilibrium quantity but not price. B)a shift in demand has no effect on the long-run average cost and so there is no change in equilibrium price and quantity. C)a shift in demand will change the equilibrium price and quantity. D)a shift in demand has no effect on the long-run average cost, resulting in a change in equilibrium price but not quantity.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter24: Perfect Competition

Section: Chapter Questions

Problem 3E

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