Figure 10-6 ​

question 6

Multiple Choice

Figure 10-6
​
-In Figure 10-6, if the current market price is at $10, then in the long-run equilibrium

• A)each firm will be producing a smaller output.
• B)the market price will rise to $20.
• C)the number of firms in the market will increase.
• D)All of these responses are correct.

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Definitions:

Country Market Assessment

Involves evaluating the potential of a specific geographic market by analyzing its economic, social, political, and cultural factors.

Trade Surplus

A situation where a country's exports exceed its imports, resulting in a positive balance of trade.

Export Products

Goods or services produced in one country and sold to buyers in other countries.

Supply Chain

The entire process of making and selling goods, including every stage from the supply of materials and the manufacture of the goods through to their distribution and sale.