When Existing Firms Leave a Perfectly Competitive Industry,________

question 146

Multiple Choice

When existing firms leave a perfectly competitive industry,________.

• A) the equilibrium price decreases, and the equilibrium quantity increases
• B) the equilibrium price increases, and the equilibrium quantity decreases
• C) both the equilibrium price and quantity increase
• D) both the equilibrium price and quantity decrease

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Definitions:

Gram-negative

Refers to a group of bacteria that do not retain the crystal violet stain used in the Gram staining method of bacterial differentiation but are colored red or pink.

Gram-positive

Refers to bacteria that retain a primary stain and appear purple under a microscope after a Gram staining procedure, typically having a thick peptidoglycan layer.

Laboratory Test

A procedure carried out under controlled conditions to determine the effectiveness, safety, or composition of a substance.

Gram-negative

Refers to bacteria that have a specific cell wall structure which does not retain the crystal violet stain used in Gram's method of staining; often associated with higher resistance to antibiotics.