Figure 12-17 the Graphs in Figure 12-17 Represent the Perfectly

question 136

Multiple Choice

Figure 12-17 The graphs in Figure 12-17 represent the perfectly competitive market demand and supply curves for the apple industry and demand and cost curves for a typical firm in the industry.
-Refer to Figure 12-17. The graphs depicts a short-run equilibrium. How will this differ from the long-run equilibrium? (Assume this is a constant-cost industry.)

• A) Fewer firms will be in the market in the long run than in the short run.
• B) The price will be higher in the long run than in the short run.
• C) The market supply curve will be further to the left in the long run than in the short run.
• D) The firm's profit will be lower in the long run than in the short run.

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Definitions:

Industrial Relations

A field of study and practice focused on the management of employment relationships and the dynamics between employers, employees, and their representatives.

Industry Union

A type of labor union that represents all workers, skilled and unskilled, within a specific industry.

Job Control Unionism

A form of unionism focused on gaining control over work processes and conditions, emphasizing job security and workers' rights over wages.

Informal Grievance Procedures

The unofficial methods used within an organization for addressing and resolving employee complaints and disputes before escalating to formal processes.