Refer to the Information Provided in Figure 9

question 96

Multiple Choice

Refer to the information provided in Figure 9.2 below to answer the question(s) that follow. Figure 9.2
-Refer to Figure 9.2. If MR = $9, then in the long run

• A) the firm will shut down.
• B) the firm will exit the industry.
• C) new firms will enter the industry and the current firms will expand production.
• D) None of the above is correct.

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Definitions:

Labor Productivity

A measure of economic performance that compares the amount of goods and services produced with the number of hours worked.

Export Promotion

A development strategy that concentrates on producing for the export market

Import Substitution

An economic strategy aimed at reducing dependency on foreign imports through the local production of industrialized products.

Comparative Advantage

Comparative advantage is the ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than its competitors.