Use the Figure Below to Answer the Following Questions

question 39

Multiple Choice

Use the figure below to answer the following questions. Figure 11.4.3
-Refer to Figure 11.4.3,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market.In the long run,market

• A)demand will increase.
• B)demand will decrease.
• C)supply will increase.
• D)supply will decrease.
• E)demand and market supply will both increase.

Understand the characteristics and accountability in various business ownership structures (sole proprietorship, partnership).

Understand the various approaches to managing conflicts, including their characteristics and outcomes.

Recognize the benefits and challenges of conflict in organizations and team settings.

Identify and differentiate between the sources and types of conflict.

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Definitions:

Shortage

A situation where the demand for a product or service exceeds the supply available at a specific price.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in market equilibrium.

Lumber

Timber sawed or split into planks, beams, and other shapes, used for building or crafting purposes.

Demand

The desire to own anything, accompanied by the power and willingness to pay for it.