A Permanent Decrease in Demand for Convenience Store Services Is

question 149

Multiple Choice

A permanent decrease in demand for convenience store services is likely to cause which of the following in the long run?

• A)an economic loss for each firm
• B)a higher price for each firm's output
• C)fewer firms in the industry
• D)more firms in the industry
• E)economic profit for each firm

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Definitions:

Oedipus Complex

A psychoanalytic theory proposed by Freud, which posits that during the phallic stage of development, a child experiences a desire for the opposite-sex parent and hostility towards the same-sex parent.

Phallic Stage

A phase in Freudian psychosexual development, occurring roughly between the ages of three and six, where the libido is centered on the genital area.

Anal Stage

The second stage in Freud's psychosexual development theory, happening around age 2, where the focus of pleasure is on controlling bladder and bowel movements.

Oral Stage

The first stage in Freud's psychosexual development, occurring from birth to approximately 18 months of age, where the mouth is the primary source of gratification.