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MMLU-Pro / 7579 / If the perfectly competitive price is currently above minimum ATC, we can expect…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

If the perfectly competitive price is currently above minimum ATC, we can expect which of the following events in the long run?

category

economics

options

  1. Market equilibrium quantity falls as firms enter the industry.
  2. Price falls as firms enter the industry.
  3. Price rises as firms exit the industry.
  4. Nothing. The industry is currently in long-run equilibrium.
  5. The industry becomes a monopoly.
  6. Market equilibrium quantity rises as firms exit the industry.
  7. Price rises as firms enter the industry.
  8. Price falls as firms exit the industry.
  9. Price remains stable as industry conditions do not change.

src

ori_mmlu-high_school_microeconomics

Discussion

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Source and history

upstream_id / Original problem ID
7579
task_id
46b0176c-4f5b-50e0-9086-d903f3513b41
task_key
default--test--7579
task_revision_id
1
config / split
default / test

Official source

initial import