In Long-Run Competitive Equilibrium P = SRATC, Because If P

question 28

Multiple Choice

In long-run competitive equilibrium P = SRATC, because if P > SRATC

• A)losses in the industry would cause some existing firms to exit the industry.
• B)positive economic profit would attract firms to the industry in order to obtain the profits.
• C)firms would not be producing the quantity of output at which MR = MC.
• D)firms would not be covering total fixed costs.
• E)none of the above

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Definitions:

Hypothalamus

Diencephalon structure that contains many nuclei associated with temperature regulation, eating, drinking, and sexual behavior.

Neurotransmitter Systems

Systems in the brain that use neurotransmitters to communicate between neurons, influencing various functions such as mood, sleep, and heart rate.

Dopamine

A neurotransmitter involved in reward, motivation, and motor control in the brain.

Schizophrenia

A psychological condition marked by unusual conduct, peculiar speech patterns, and impaired comprehension of reality.