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:

Acknowledge Loss

The act of recognizing and accepting the fact of a loss, which could be emotional, financial, or physical.

Continuing Support

Ongoing assistance or guidance provided to individuals to help them maintain or improve their situation.

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Realistic Goals

Achievable aims or objectives set based on practical considerations and the current reality of a situation.