The Textile Industry Is Composed of a Large Number of Small

question 62

Multiple Choice

The textile industry is composed of a large number of small firms. In recent years, these firms have suffered economic losses, and many sellers have left the industry. Economic theory suggests that if technology, imports, and other factors remain constant, these conditions will

• A) shift the market demand curve outward so that price will rise to the level of production cost.
• B) cause the remaining firms to collude so they can produce more efficiently.
• C) cause the market supply to decline and the price of textiles to rise.
• D) cause firms in the textile industry to suffer long-run economic losses.

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Definitions:

Housework Responsibilities

Housework responsibilities refer to tasks and chores associated with the running and maintenance of a household, including but not limited to cleaning, cooking, and laundry, which are traditionally unequally distributed among gender lines.

Less Housework

The phenomenon of spending reduced time or effort on household chores, which can be influenced by various social, economic, or personal factors.

Decision Making

The cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities.

Equality

The state of being equal, especially in status, rights, or opportunities.