Use the Figure Below to Answer the Following Question

question 43

Multiple Choice

Use the figure below to answer the following question.

Figure 12.4.4
-Refer to Figure 12.4.4, which shows the cost curves for a perfectly competitive firm. If all firms in the market have the same cost curves and the price is $16 per unit,

• A)the market is in long-run equilibrium.
• B)in the long run, firms will leave this market.
• C)in the long run, the price will fall as new firms enter the market.
• D)the firm is making zero economic profit.
• E)none of the above

Analyze the impacts of supply and demand elasticity on market equilibrium.

Determine the role of substitutes and complements in affecting demand.

Understand the implications of perfectly inelastic and perfectly elastic demand curves.

Recognize the significance of time in determining price elasticity of demand.

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Definitions:

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IV Site

The specific location on the body where an intravenous needle or catheter is inserted to administer fluids, blood, or medication directly into the bloodstream.

Adult

A person who has reached the age of majority as legally defined, typically characterized by physical growth completion, sexual maturity, and legal responsibility for their actions.

Hypernatremia

A medical condition characterized by an abnormally high concentration of sodium in the blood.