(Figure: Long Run Output I) Initially, the Constant-Cost Industry Was

question 38

Multiple Choice

(Figure: Long Run Output I) Initially, the constant-cost industry was in long-run equilibrium at point A when the demand for the good increased to D₂. How much output will be produced in the long run as a result of the demand increase?

• A) 3,000
• B) 5,000
• C) 6,000
• D) 7,000

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Definitions:

Fraud

A deliberate deception practiced to secure unfair or unlawful gain.

Article 9

A provision under the Uniform Commercial Code (UCC) dealing with secured transactions in personal property, where a creditor has a security interest in the debtor's property.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, intended to standardize regulations across the states.

Consideration

A concept in contract law that involves something of value exchanged between parties as part of an agreement.