A Perfectly Competitive Market Is in Equilibrium and Then Demand

question 3

Multiple Choice

A perfectly competitive market is in equilibrium and then demand decreases. The decrease in demand means the market price will ________ and eventually there will be ________.

• A) rise; entry by new firms
• B) rise; exit by existing firms
• C) fall; entry by new firms
• D) fall; exit by existing firms
• E) fall; neither entry nor exit because the market is perfectly competitive

Comprehend theories explaining the roots and perpetuation of racism and discrimination.

Recognize examples of prejudice and the forms it can take.

Understand the relationship between race, class, and power dynamics in society.

Identify and critique the concept of color blindness and its implications for racial equality.

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Definitions:

Total Overhead Variance

The difference between the actual overhead incurred and the standard overhead allocated for actual production.