-Figure 11-10 Illustrates the Long-Run Market Demand Curve and a Typical

question 39

Multiple Choice

-Figure 11-10 illustrates the long-run market demand curve and a typical firm's costs.How many firms are likely to exist in the long run in this industry?

• A)none
• B)1
• C)2
• D)3

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Definitions:

Vacation Privileges

Benefits or allowances offered by employers to employees, allowing paid time off from work for personal leisure or rest.

Operations

The activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.

Salaries Payable

A liability account that records the amounts owed to employees for work performed but not yet paid.

Social Security Tax

A mandatory contribution paid by employees and employers to fund the social security program, providing benefits for retirement, disability, and survivors.