Use the Following to Answer Question

question 183

Multiple Choice

Use the following to answer question:
Figure: Comparing Long-Run Equilibriums
-(Figure: Comparing Long-Run Equilibriums) Use Figure: Comparing Long-Run Equilibriums.Which statement is FALSE?

• A)Firms in panel (a)cannot have profits in the long run,but those in panel (b)can.
• B)Both panels show markets in which firms are covering all of their implicit and explicit costs.
• C)Firms in the market shown in panel (a)produce identical products,whereas those in panel (b)produce similar but differentiated products.
• D)Both firms show markets that have many firms.

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Definitions:

Lessor

An individual or entity that rents out property or goods to a lessee under the terms of a lease agreement.

Property Of The City

Assets or possessions that are owned by the municipal government, including public buildings, lands, and infrastructure.

Lost-And-Found

A service or place where items lost by individuals can be collected and later reclaimed by their owners.

Tenancy In Common

A form of co-ownership where each party owns a specific percentage of the property and can bequeath their share to a beneficiary upon death.