In the Following Diagram of a Perfectly Competitive Firm, What

question 133

Multiple Choice

In the following diagram of a perfectly competitive firm, what is likely to happen in the long run in this industry?

• A) Some firms will exit the industry, reducing the market price.
• B) Some firms will exit the industry, raising the market price.
• C) New firms will enter the industry, reducing the market price.
• D) New firms will enter the industry, raising the market price.

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Definitions:

Positive Selection

A process by which beneficial genetic variations that increase fitness are selected for and become more common in a population.

Avian Influenza

A viral infection spread from bird to bird, often highly contagious and potentially deadly, also known as bird flu.

Phylogeny

The evolutionary history and lineage of species or groups of species, depicted as a tree-like diagram showing common ancestry.

Lagos

Lagos is a major city and a financial center in Nigeria, known for its diverse culture, vibrant economy, and significant historical significance.