The Figure Below Shows the Supply and the Demand for a Good

question 82

Multiple Choice

The figure below shows the supply and the demand for a good (left) and the cost curves of an individual firm in this market (right) . Assume that all firms in this market, including the potential entrants, have identical cost curves. Initially, the market is in equilibrium at point A.

-Refer to the figure above.As firms enter or exit,the market will tend toward the long-run equilibrium,where each firm earns ________ at the price ________.

• A) positive economic profit; $3
• B) negative economic profit; $2
• C) zero economic profit; $2
• D) zero accounting profit; $0

Explain the use of active and passive voice in writing and their respective purposes.

Employ visual enhancements to highlight important information or structure content.

Master techniques for emphasizing ideas and achieving conciseness in writing.

Understand various channels of communication and their appropriate contexts.

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Definitions:

Cash Sales

Transactions where payment is made in full using cash or electronic funds at the time of purchase.

Retailer

A business or person that sells goods directly to consumers for their own use.

Accounts Receivable

Money owed to a business by its customers for goods or services delivered but not yet paid for, recognized as an asset.

Cash Sales

Transactions where customers pay for goods or services at the time of purchase using cash.