A Perfectly Competitive Market Is Initially in Long-Run Competitive Equilibrium

question 74

Multiple Choice

A perfectly competitive market is initially in long-run competitive equilibrium. Then, market demand falls. This causes the marginal revenue curves for existing firms to shift __________ and for these firms to produce __________ output. Some of the existing firms will end up __________.

• A)upward, more, increasing their plant size
• B)downward, less, exiting the market
• C)downward, more, purchasing more capital equipment
• D)upward, less, cutting fixed costs

Analyze Karl Marx's views on education and its role in society.

Identify the limitations of functionalist theory, particularly in explaining social change.

Comprehend Locke's perspective on human nature and the necessity of government for protection.

Grasp Hobbes' views on human motivation and the pursuit of power.

---

Definitions:

Transportation Network Design

The planning and structuring of the routes and methods used for moving goods and services from origin to destination efficiently.

Direct Shipping

A distribution method where goods are shipped directly from the manufacturer or supplier to the customer, bypassing any intermediaries.

Central DC

A primary distribution center in a logistics network from which goods are shipped to various locations or customers.

Central DC

A principal distribution center in a logistics network where products are received from suppliers and then distributed to various retail or end points.