Critical Thinking Questions Case 4-2 You Have Just Finished the Text

question 30

Multiple Choice

Critical Thinking Questions Case 4-2 You have just finished the text content of a presentation for your Business Communication class and now you are ready to add some graphics to make the presentation a little more interesting and polished. Adding a ____ will help you better express your ideas.

• A) SmartArt graphic
• B) chart
• C) table
• D) slide

Understand the relationship between marginal cost, average total cost, and price in determining long-run equilibrium.

Identify the conditions under which purely competitive firms make economic profits or losses in the short run and long run.

Evaluate the impact of technological changes, entry and exit of firms, and resource price changes on the industry's supply curve and market equilibrium.

Distinguish between allocative efficiency and productive efficiency in the context of purely competitive markets.