In the Long Run, Firms Will Exit Industries Where Price

question 100

Multiple Choice

In the long run, firms will exit industries where price is:

• A) greater than average cost.
• B) equal to average cost.
• C) less than average cost.
• D) positive.

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Definitions:

Parasitizes

Describes the action of living as a parasite in or on another organism, exploiting the host for sustenance without mutual benefit.

Biramous Appendages

Appendages with two jointed branches extending from their base. Compare with uniramous appendages.

Arthropods

A large group of invertebrate animals that includes insects, spiders, crustaceans, and others, characterized by segmented bodies, exoskeletons, and jointed limbs.

Crustaceans

A diverse group of arthropods, including crabs, lobsters, and shrimp, typically having a segmented body and an exoskeleton.