If Price Is Above the Long-Run Competitive Equilibrium Level

question 112

Multiple Choice

If price is above the long-run competitive equilibrium level,

• A)Firms will enter the market.
• B)Firms will shut down.
• C)Firms will incur losses.
• D)The market supply will shift to the left.

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Definitions:

Extroversion

A personality trait characterized by being outgoing, talkative, and energetic in social situations.

Neuroticism

A personality trait characterized by emotional instability, anxiety, moodiness, and a high degree of stress response.

Agreeableness

A personality trait characterized by attributes such as trust, altruism, kindness, and affection towards others.

Openness

The willingness to consider new ideas, experiences, and perspectives.