In Pure Competition, If the Market Price of the Product

question 72

Multiple Choice

In pure competition, if the market price of the product is higher than the minimum average cost of the firms, then

• A)some firms will exit the industry and the industry supply will decrease.
• B)other firms will enter the industry and the industry supply will increase.
• C)some firms will exit the industry and the industry supply will increase.
• D)other firms will enter the industry and the industry supply will decrease.

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Definitions:

Arrest Records

Official documents that record an individual's histories of arrest, including the reasons for the arrest and the outcomes.

S Data

Self-report data usually obtained from individuals' subjective accounts or responses in surveys and questionnaires, focusing on their perceptions, feelings, and thoughts.

L Data

Life record data in personality psychology, referring to objective data collected from a person's life such as school grades or employment history.

B Data

Observational data about a person's behavior that is collected directly from the environment, as opposed to self-reported measures or tests.