________ Are Quick Short Gestures That Can Be Made with a Finger

question 15

Short Answer

________ are quick short gestures that can be made with a finger or a pen.

Describe the conditions for long-run equilibrium in price-taker markets and the concept of economic profit.

Identify the factors that determine the long-run supply curve's shape in different types of industries.

Understand the supply curve of a price-taker firm in the short run and its derivation.

Explain how market entry barriers affect long-run economic profit and market prices.

---

Definitions:

Maslow's Hierarchy

A psychological theory proposing that human needs are arranged in a hierarchical order, from basic physical needs to self-actualization.

Situational Factors

Factors affecting the consumer decision process; those that are specific to the situation that may override, or at least influence, psychological and social issues.

Lifestyle

The interests, opinions, behaviors, and behavioral orientations of an individual, group, or culture.

Conspicuous Consumption

The spending of money on and the acquisition of luxury goods and services to display economic power and social status.