Figure 13-13 -Refer to Figure 13-13.If the Diagram Represents a Typical Firm

question 23

Multiple Choice

Figure 13-13

-Refer to Figure 13-13.If the diagram represents a typical firm in the market, what is likely to happen in the long run?

• A)Some firms will exit the market causing the demand to increase for firms remaining in the market.
• B)New firms will enter the market causing the demand to decrease for existing firms.
• C)Inefficient firms will exit the market and new cost-efficient firms will enter the market.
• D)Competition will be intensified as firms strive to make long-run profits.

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Definitions:

Colonialism

The policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically.

Paralanguage

The aspect of spoken communication that is not verbal, including tone, pitch, volume, and speed of speaking, which can affect the message's meaning.

Illiterate People

Individuals who are unable to read or write.

Global World

A term referring to the interconnectedness of nations through trade, technology, politics, and culture, often emphasizing collective challenges and opportunities.