Assume a Constant-Cost Industry That Is Initially in Long-Run Competitive

question 150

Multiple Choice

Assume a constant-cost industry that is initially in long-run competitive equilibrium. An increase in demand will cause a(n) __________ in prices and profits, and as a result, firms will __________ the industry, causing the market supply curve to shift __________, which, in turn, will eventually cause the equilibrium price to be __________ before.

• A)decrease; exit; leftward; lower than
• B)increase; enter; rightward; higher than
• C)decrease; exit; rightward; higher than
• D)increase; enter; rightward; the same as
• E)increase; exit; leftward; lower than

Comprehend how to conduct basic calculations for descriptive statistics, including rounding procedures.

Recognize the influence of outliers and distribution shapes (e.g., skewed, bimodal) on measures of central tendency.

Distinguish between the uses of measures of central tendency for different data types (nominal, ordinal, interval, ratio).

Interpret the implications of statistical findings within real-world contexts, such as salary negotiations or opinions surveys.

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Definitions:

Task Times

The amount of time required to complete a specific task or operation, often used in scheduling and workflow planning.

Output Rate

The speed at which products are produced or services are delivered by a company or a production process.

Stations Needed

The number of specific work or service points required to complete a task or process.