4. The following graph shows three different supply curves (S1, S2, and S, ) for a...

 

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4. The following graph shows three different supply curves (S1, S2, and S, ) for a product bought and sold in a competitive market. Pa а. The supply curve for the (1) market period is the one labeled (2) short run is the one labeled (3) long run is the one labeled b. No matter what the period of time under consideration, if the demand for the product were D, the equilibrium price of the product would be, and the equilibrium quantity Quant ity would be, (1) If demand were to increase to D, in the market period the equilibrium price would increase to and the equilibrium quantity would be (2) In the short run the price of the product would increase to and the quantity would increase to (3) In the long run the price of the product would be and the quantity would be equd 4. The following graph shows three different supply curves (S1, S2, and S, ) for a product bought and sold in a competitive market. Pa а. The supply curve for the (1) market period is the one labeled (2) short run is the one labeled (3) long run is the one labeled b. No matter what the period of time under consideration, if the demand for the product were D, the equilibrium price of the product would be, and the equilibrium quantity Quant ity would be, (1) If demand were to increase to D, in the market period the equilibrium price would increase to and the equilibrium quantity would be (2) In the short run the price of the product would increase to and the quantity would increase to (3) In the long run the price of the product would be and the quantity would be equd

Answer rating: 100% (QA)

Market period refers to the very shortrun where the supply is relatively inelastic for most of the e... View the full answer