Business, 01.02.2022 22:50 zhellyyyyy

Assume that olive oil is produced in a constant cost, perfectly competitive industry, which is currently in long run equilibrium. If the current price of olive oil is $5 per quart and the demand for olive oil increases, then the price of olive oil will change in which of the following ways in the short run and in the long run? answer choices
A. SR: P more than $5, LR: P more than $5
B. SR: P more than $5, LR: P = $5
C. SR: P = $5, LR: P = $5
D. SR: P less than $5, LR: P less than $5
E. SR: P less than $5, LR: P = $5

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