Phil Sells Duck Calls in a Perfectly Competitive Market

question 285

Multiple Choice

Phil sells duck calls in a perfectly competitive market. If duck calls sell for $10 each and average total cost per unit is $11 at the profit-maximizing output level, then in the long run

• A)more firms will enter the market.
• B)some firms will exit from the market.
• C)the equilibrium price per duck call will fall.
• D)average total costs will fall.

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Definitions:

Anthropocentrism

A viewpoint valuing human beings above other species, often leading to the interpretation of all reality through the lens of human values and experiences.

Human Beings

Members of the species Homo sapiens, characterized by their capacity for complex language, abstract thought, and social structures.

Anthropocentrism

The belief that human beings are the most important entity in the universe, often leading to the interpretation of reality through a human-centric viewpoint.

Physical Environment

The surrounding physical conditions in which organisms live, including geography, climate, and man-made structures.