Which of the Following Changes Will Not Affect the Market

question 137

Multiple Choice

Which of the following changes will not affect the market supply or the market demand in a purely competitive industry?

• A) a change in fixed costs
• B) a change in the number of buyers
• C) a change in marginal costs
• D) a change in the number of firms

Understand the basis and historical development of atomic theory.

Grasp the concepts of early atomic models and experiments leading to modern atomic theory.

Understand the significance of sub-atomic particles.

Comprehend the phenomena related to atomic emission and absorption spectra.

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Definitions:

Optimal Output

The level of production at which a firm achieves the highest possible profit, given its cost structure and the market price.

Short-Run

A period in which at least one factor of production is fixed, and firms can only adjust variable inputs.

Supply Curve

A graph illustrating how much of a product a firm will sell at different prices.

Zero-Profit Equilibrium

A situation in competitive markets wherein, due to free entry and exit, firms only earn a normal profit, which is their lowest level of profit necessary to keep them in business.