In the short run, the technological change will cause the price to fall from P₂ to P₂- In the short run, the technological change will cause the price to rise from P₁ to P3. In the short run after the technological change U.S. firms will produce q₁ units of the good. US 6 All
In the short run, the technological change will cause the price to fall from P₂ to P₂- In the short run, the technological change will cause the price to rise from P₁ to P3. In the short run after the technological change U.S. firms will produce q₁ units of the good. US 6 All
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 55P: Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the...
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Question
7
Please decide which options are true or false. Thanks!
Transcribed Image Text:Consider how the short run change in price affects firm's
ouput.
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fit=
Wa
K
A
P
Qupt
In the short run, the technological change will cause the price to
fall from P₁ to P₂.
In the short run, the technological change will cause the price to
rise from P₁ to P₁.
In the short run after the technological change U.S. firms will
produce q₁ units of the good.
In the short run after the technological change U.S. firms will
produce q₂ units of the good.
In the short run after the technological change U.S. firms will
produce q3 units of the good.
In the short run after the technological change U.S. firms will
produce q4 units of the good.
In the short run after the technological change firms in the Rest
of the World will produce q5 units of the good.
In the short run after the technological change firms in the Rest
of the World will produce q6 units of the good.
In the short run after the technological change firms in the Rest
of the World will produce q7 units of the good.
In the short run after the technological change firms in the Rest
of the World will produce qe units of the good.
In the short run after the technological change U.S. firms will
shut down.
In the short run after the technological change firms in the Rest
of the World will shut down.
5
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