Suppose a Typical Competitive Firm Has the Following Data in the Short

question 79

Multiple Choice

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

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

Comprehend the concept of behavioral intention and its impact on human actions as outlined in theories such as reasoned action and planned behavior.

Appreciate the iterative nature of scientific research including observation, hypothesis testing, and theory modification.

Discern the relevance and application of social psychological theories in real-world contexts and interventions.

Analyze the theory of planned behavior’s contribution to understanding conflicting research outcomes and guiding future studies.

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Definitions:

Personal Problems

Issues or difficulties that an individual faces in their personal life, which can affect their mental or emotional well-being.

Social Problems

are issues within a society that cause a significant number of individuals distress or harm, often requiring collective action to address.

Emotional States

The different feelings or moods that an individual can experience, which can influence behavior and perception.

Scientific Evidence

Information, facts, or data that serve to either support or counter a scientific theory or hypothesis, often obtained through repeatable experiments and observation.