The Model of Monopolistic Competition Characterizes the Market for Plumbing

question 69

Multiple Choice

The model of monopolistic competition characterizes the market for plumbing services in a city.This market is initially in long-run equilibrium,but then there is an increase in market demand for plumbing services.We expect that in the long run:

• A)firms will leave the plumbing market.
• B)there will be a short-run increase in the number of firms,but then the number will return to the original level.
• C)new firms will enter the plumbing market.
• D)firms will shut down,but they will not leave the industry.

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Definitions:

Physical Violence

The use of physical force with the intention of causing harm, injury, or physical suffering to an individual or group.

Homosexuals

Homosexuals are individuals who are emotionally, romantically, or sexually attracted to people of the same gender.

Physical Power

The capability to exert force or influence over something or someone in a physical manner.

Acts of Aggression

Behaviors or actions taken with the intention of harming or injuring another being.