Suppose a Typical Firm in a Competitive Industry Has the Following

question 90

Multiple Choice

Suppose a typical firm in a competitive industry has the following data in the short run: price = $10; output = 100 units; ATC = $8; AVC = $7.What will likely happen in the long run?

• A)In the long run the industry will expand because firms are earning economic profits.
• B)In the long run the industry will contract because firms are suffering losses.
• C)The size of the industry will remain the same in the long run.
• D)The typical firm would shut down,until the remaining firms have a higher price.
• E)There is not enough information to formulate an answer.

Understand different conflict management styles and their applications.

Identify and explain various types of conflicts within organizations.

Understand the impact of personality traits on conflict and conflict resolution.

Comprehend strategies for conflict resolution and their outcomes.

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Definitions:

Borrowers

Individuals or entities that receive funds from a lender under the condition of returning it typically with interest.

Legal Tender

The officially recognized form of money that must be accepted if offered in payment of a debt.

Federal Reserve Note

The official paper currency issued by the Federal Reserve in the United States, commonly known as the dollar.

Monetary System

The set of institutions and mechanisms by which a country manages its currency and money supply, often involving a central bank and various types of money.