Good W Is Produced in a Competitive Industry with Increasing

question 13

Multiple Choice

Good W is produced in a competitive industry with increasing costs of production.The figure below shows how a typical firm's long-run average cost curve shifts upward as industry output of good W expands.With 50 firms in the industry,each firm faces an identical long-run average cost curve given by LAC.With 80 firms in the industry,each firm faces an identical long-run average cost curve given by LAC'.And with 120 firms in the industry,each firm faces an identical long-run average cost curve given by LAC''. When industry output in long-run competitive equilibrium is 96,000,the long-run average cost (LAC) of producing 96,000 units of good W is $_________ and each firm in the industry earns $________ of economic profit.

• A)$6; $14,000
• B)$10; $14,000
• C)$12; $14,000
• D)none of the above

Understand patterns of descent and how they influence family inheritance and authority.

Analyze the sociological implications of family violence and its reporting.

Understand the impact of the birth of a child on parent relationships.

Recognize various theoretical perspectives and their application to family studies.

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Definitions:

Level of Education

Refers to the highest degree or stage of formal learning that an individual has completed.

Significant Change

A statistically determined change in data or results that is unlikely to have occurred by chance alone, indicating a meaningful difference or effect.

Proportions

A comparison of a part of a whole in terms of a simple ratio or fraction, often expressed as a percentage.

Business Majors

Students or professionals focusing on business administration or management studies, including subjects like finance, marketing, and entrepreneurship.