In the case of an increase in demand, what will happen to the economic profits of the typical competitive firm? Economic profits will ________.Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.anot changebincreasecdecreasedcannot tell

In the long run, the monopolist's economic profits will be ______________ than the total of the competitive firms' profits.Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.ahigherblowercthe same

If a monopoly increased the price above the profit maximizing level, __________.Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.amarginal revenue would decreasebtotal revenue would decreasecprofits would increasedprofits would be unchanged

Assume that competitive firms in a competitive market are in long-run equilibrium. Assume a constant cost industry. In the short-run, an increase in demand will cause firm output to ______________ and the market price to ______________.Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.aincrease; increasebremain the same; increasecremain the same; remain the samedincrease; remain the same

Assume that competitive firms in a competitive market are in long-run equilibrium. What will happen in the long run in that same constant cost industry? Prices will ______________ and the market output will ______________ when compared to the levels prior to the increase in demand.Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.ahave increased; have increasedbremain the same; remain the samechave increased; remain the samedremain the same; have increased

If a monopoly is producing where price is greater than average cost (and thus making a profit), more firms will enter the market.Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.aTruebFalse