The market demand curve for a perfectly competitive industry is QD = 12 - 2P. The market supply curve is QS = 3 + P. The market will be in equilibrium if

Related MCQs

• When a perfectly competitive industry is in long-run equilibrium, all firms in the industry
• If a perfectly competitive industry is in long-run equilibrium, which of the following is most likely to be true
• When the perfectly competitive firm and industry are both in long-run equilibrium
• When the perfectly competitive firm but not the industry is in long-run equilibrium,
• An increase in output in a perfectly competitive and constant cost industry which is in longrun equilibrium will come
• When the perfectly competitive firm and industry are both in long run equilibrium
• A market is clearly NOT perfectly competitive if which of the following is true in equilibrium
• The equilibrium level of output for a perfectly competitive market is
• The demand curve for a perfectly competitive firm
• The short-run supply curve of the perfectly competitive firm is given by