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:

Vouchers

Documents serving as evidence for transactions, such as payments or receipts, and authorize the related accounting entries.

Currency

Currency is a system of money in general use in a particular country, facilitating the buying and selling of goods and services.

Cash Shortage

A Cash Shortage occurs when the actual cash on hand is less than the expected amount, often due to errors or theft.

Petty Cash Account

A small amount of cash kept on hand for making minor business expenses, managed through a system of vouchers for tracking.