The Apple Market Is Perfectly Competitive and Is in Long-Run

question 222

Multiple Choice

The apple market is perfectly competitive and is in long-run equilibrium. Now a disease kills 50 percent of the apple orchards. In the short run, the price of a bag of apples ________ and the remaining apple growers make ________ economic profit. In the long run, the ________.

• A) increases; zero; price of apples will return to their original level
• B) remains the same; zero; orchards will be replanted and growers will make normal profits
• C) increases; zero; orchards will be replanted and economic profit will return to zero
• D) increases; positive; orchards will be replanted and economic profit will return to zero

Know the recommended frequency for clinical breast exams in healthy young adults.

Understand the protocol for breast cancer screening for high-risk individuals.

Recognize the diagnostic procedures suitable for different breast conditions.

Discuss breast cancer risk factors and preventive measures.

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Definitions:

Government Bonds

Securities issued by a government to raise funds from the public to finance its expenditure needs.

Monetary Policy

The process by which the central bank or monetary authority of a country controls the supply of money, often targeting an inflation rate or interest rate to ensure economic stability.

U.S. Treasury Department

A federal government department responsible for managing government revenue, issuing currency, and supervising national banks.

Discount Rate

The interest rate used in discounted cash flow analysis to determine the present value of future cash flows.