As the Equilibrium Price Falls in a Perfectly Competitive Market

question 90

Multiple Choice

As the equilibrium price falls in a perfectly competitive market, firms' ______ fall(s) and their profits _______.

• A)revenue; fall
• B)average costs; fall
• C)revenue; rise
• D)total costs; rise

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Definitions:

Peripheral Nervous System

The division of the nervous system outside the brain and spinal cord, including sensory and motor neurons.

White Matter

The part of the brain and spinal cord composed of myelinated nerve fibers that facilitates communication between different brain regions and between the brain and spinal cord.

CNS

The central nervous system, comprising the brain and spinal cord, which coordinates and controls most bodily functions.

Myelinated Axons

Axons that are coated with myelin, a fatty substance that speeds up the transmission of nerve impulses, enhancing the efficiency of the nervous system.