Figure 16-11 -Refer to Figure 16-11. the Graph Depicts a Monopolistically Competitive

question 513

Multiple Choice

Figure 16-11
-Refer to Figure 16-11. The graph depicts a monopolistically competitive firm in the short run. Which of the following explanations best describes the long run adjustment?

• A)More firms will enter this market and each firm will have a smaller share of the total market demand, shifting this firm's demand curve to the left.
• B)More firms will enter this market and each firm will have a larger share of the total market demand, shifting this firm's demand to the right.
• C)Firms will exit this market and each firm will have a smaller share of the total market demand, shifting this firm's demand to the left.
• D)Firms will exit this market and each firm will have a larger share of the total market demand, shifting this firm's demand to the right.

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Definitions:

Fundamental Attribution Error

The inclination to place undue emphasis on individual traits while disregarding the effect of the context on people's actions when assessing their behavior.

Lack of Concentration

The difficulty in focusing one's attention on a specific task, leading to decreased productivity and increased errors.

Unrealistic Targets

Goals that are difficult or impossible to achieve due to their overly ambitious nature or the lack of practical consideration for actual circumstances.

Quality of Work

The degree to which a job, task, or project is completed with excellence, meeting or exceeding standards.