Figure: Comparing Long-Run Equilibriums (Figure: Comparing Long-Run Equilibriums)

question 142

Multiple Choice

Figure: Comparing Long-Run Equilibriums (Figure: Comparing Long-Run Equilibriums) In the figure Comparing Long-Run Equilibriums, which of the following statements is true?

• A)The major difference between panel a and panel b is that firms in the market structure shown in panel a cannot have excess profits in the long run, but the firms in the market structure shown in panel b can have excess profits in the long run.
• B)Panel a and panel b show markets that have few interdependent firms.
• C)Panel a and panel b show markets that produce identical products.
• D)Panel a and panel b show markets that have many firms.

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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.