Graph 14-9

question 192

Multiple Choice

Graph 14-9
-Refer to Graph 14-9.When the market is in long-run equilibrium at point A in panel (b) , the firm represented in panel (a) will:

• A)exit the market
• B)be at zero-profit equilibrium
• C)earn negative accounting profit
• D)do all of the above

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Definitions:

Environmental Factors

The external influences that can impact a business or an individual’s decision-making process, including economic, social, political, and technological aspects.

Technological Knowledge

The understanding and application of technology, including the methods and techniques used for the production of goods and services.

Better Business Bureau

An organization focused on enhancing marketplace trust by setting standards for ethical business behavior and monitoring compliance among its members.

Consumer Product Safety Commission

A U.S. government agency responsible for protecting the public from unreasonable risks of injury or death associated with the use of thousands of types of consumer products.