What Happens in a Decreasing-Cost Industry When Some Firms Leave

question 126

Multiple Choice

What happens in a decreasing-cost industry when some firms leave and the industry's output contracts?

• A)The average cost will increase.
• B)The average cost will decrease.
• C)The total cost will decrease.
• D)The product price will decrease.

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Definitions:

Standard Solutions

Known concentration solutions used in titrations to determine the concentration of an unknown substance.

Urinary Catheter

A tube inserted into the bladder to drain urine when a person cannot urinate naturally, used during surgical procedures and for certain medical conditions.

Aseptic Technique

Practices and procedures that prevent contamination from pathogens to minimize the risk of infection.

Entire Health History

A comprehensive record of a patient's past and current medical conditions, treatments, and pertinent health information.