In Perfect Competition, an Increase in Fixed Costs Will Eventually

question 27

Multiple Choice

In perfect competition, an increase in fixed costs will eventually cause all except

• A)reduction in industry output.
• B)reduction in a firm's output.
• C)reduction in the number of firms.
• D)decrease in industry supply.

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Definitions:

Quality of Life

The general well-being of individuals and societies, encompassing material living conditions (income, employment, housing) and quality aspects (health, education, environment).

Diversity

Blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities to enhance a company’s chances of success.

Safety Gear

Personal protective equipment designed to protect workers from workplace hazards and injuries.

Ethical Issues

Matters or situations that involve debates over right and wrong, often requiring a decision on moral grounds.