Suppose the minimum possible price of constructing homes is $50 per square foot.

Suppose the minimum possible price of constructing homes is $50 per square foot.

1) Suppose the minimum possible price of constructing homes is $50 per square foot. As a result of a sharp drop in the demand for home construction, the equilibrium price of home construction falls to $40 per square foot. Assuming the home construction industry is perfectly competitive and there are no specialized inputs, firms will

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a) exit the industry, and the price will rise above $40 in the long run.

b) exit the industry, and the price will rise above $40 in the long run.

c) exit the industry, and the price will fall below $40 in the long run.

d) enter the industry as the price rises above $40 in the long run.

 

2) According to the text, Microeconomics, Colander (2013), economics is the study of how

a) human beings coordinate their wants and desires.

b) scarce resources are allocated to their most productive uses.

c) governments allocate resources while facing constraints.

d) government policies can be used to meet individuals’ wants and desires.

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