In the Long Run, If Firms in a Perfectly Competitive

question 195

Multiple Choice

In the long run, if firms in a perfectly competitive market are incurring economic losses, then

• A) new firms will enter the market and the price will rise.
• B) some firms will leave the market and the price will fall.
• C) some firms will leave the market and the price will rise.
• D) new firms will enter the market and the price will fall.

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Definitions:

Chromosomal Abnormality

A change in the number or structure of chromosomes, often leading to genetic disorders or syndromes.

Musical Giftedness

An exceptional skill or talent in understanding, creating, and performing music.

Genotype

The genetic makeup of an organism, consisting of all the DNA and genes, influencing its development, appearance, and behavior.

Phenotype

The set of observable characteristics or traits of an organism that result from the interaction of its genotype with the environment.