Graph 14-8

question 94

Multiple Choice

Graph 14-8
-Refer to Graph 14-8.If the figure in panel (a) reflects the long-run equilibrium of a profit-maximising firm in a competitive market, the figure in panel (b) most likely reflects:

• A)perfectly inelastic long-run market supply
• B)the product of individual firm supply curves for all firms in the market
• C)the idea that free entry and exit of firms in the market lead to only one market price in the long run
• D)zero profits cannot be sustained in the long run

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Definitions:

Operator

An individual or entity that controls, manages, or manipulates machinery, equipment, or systems.

Pilot Device

A manual or automatic device that provides control input to a more complex system, often used to initiate, modulate, or stop functions.

Control Coil

An electromagnetic coil that is used to control the operation of a device, often found in relays, solenoids, and valves.

Differential Controls

Devices that function based on the difference in variables (such as temperature, pressure, or flow rate) to adjust or maintain system operation.