.Suppose a demand for good produced by a certain industry changes then answer the following questions: 1- What will be the affect of change in demand on the output of the firm and industry in short run? 2- What will be the affect of change in demand on the output of the firm and industry in long run? 3-For what reason the affect of change in demand on firm's and industry's output differ in short and long run?

.Suppose a demand for good produced by a certain industry changes then answer the following questions: 1- What will be the affect of change in demand on the output of the firm and industry in short run? 2- What will be the affect of change in demand on the output of the firm and industry in long run? 3-For what reason the affect of change in demand on firm's and industry's output differ in short and long run?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 10PA

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