A competitive, constant cost market is in long-run equilibrium. What will an increase in demand cause in the short run and in the long run? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a an initial increase in the typical firm's output; from that short-run point, a decrease in the typical firm's output in the long run b an initial decrease in the typical firm's output; from that short-run point, a decrease in the typical firm's output in the long run C an initial increase in the typical firm's output; from that short-run point, an increase in the typical firm's output in the long run d an initial decrease in the typical firm's output; from that short-run point, an increase in the typical firm's output in the long run Consider a single firm in perfect competition. The short-run effects of an increase in fixed cost are which of the following? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a prices increase; firm output decreases b prices increase; firm output increases prices do not change; firm output does not change d prices do not change; firm output decreases In perfect competition, the individual firm cannot affect the price of the good it produces and sells. As a result, the total revenue (TR) function for an individual firm in perfect competition is: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a parabolic. b upward sloping and linear. C downward sloping and linear. d horizontal. Perfectly competitive firms will be technically efficient in a equilibrium and allocationy efficient in a equilibrium. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a short run; long run b short and a long run; short and a long run C short and a long run; long run d long run; short and a long run