If There Is a Fall in All Factor Prices Faced

question 59

Multiple Choice

If there is a fall in all factor prices faced by a firm,

• A) there will be a downward shift in the long- run average cost curve but not in the short- run average cost curve.
• B) there will be no change in the cost curves in the long run.
• C) the firm will move to a lower point on both its long- run and short- run average cost curves.
• D) the firm will move to a lower point on its long- run average cost curve only.
• E) both the long- run and short- run average cost curves will shift downward.

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Definitions:

Legal Principle

A foundational rule or concept upon which laws are based, guiding the operations of legal systems.

Minority Groups

Communities or groups within a society that are smaller in number and often disadvantaged compared to the dominant or majority group.

Lack Of Power

The absence or insufficiency of control, authority, or influence over others or one’s circumstances.

Internalized Racism

The process by which individuals in marginalized racial groups absorb and accept racist attitudes and beliefs towards their own race, often as a result of societal influence.