Consider the Following Cost Curves for Firm X,a Perfectly Competitive

question 133

Multiple Choice

Consider the following cost curves for Firm X,a perfectly competitive firm.
FIGURE 9-5
-Refer to Figure 9-5.In this industry,which one of the following is FALSE?

• A)If the price were to fall below P2,firms would leave the industry.
• B)If the price were to rise above P2,new firms would enter the industry.
• C)If the scale of Firm X at output Q2 and price P2 is large enough that Firm X has an appreciable share of the market,Firm X will no longer be a price taker.
• D)At output Q2 and price P2,Firm X is maximizing its long-run profits.
• E)Only one firm can reach the size of output Q2.

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Definitions:

Free-Trade Zone

A designated area within a country where goods may be landed, handled, manufactured, or reconfigured without direct intervention of the customs authorities.

European Community

A precursor to the European Union, it was an economic and political union of European countries aiming to foster economic integration and cooperation.

North Atlantic Treaty Organization

A military alliance formed in 1949 comprising North American and European countries to provide collective defense against aggression.

United States, Canada, and Mexico

These are countries in North America, often referenced together in the context of trade agreements or geographical proximity.