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

question 101

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 to its average cost of production in the long run?

• A)It will probably fall since the firm must be cost efficient to remain competitive.
• B)It will probably fall since the firm will be selling less than its current amount.
• C)It will probably rise since the firm will be producing less than its current amount.
• D)It will probably rise since its long-run demand is likely to be higher.

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Definitions:

Increasing Latitude

Refers to moving towards the poles (north or south) from the equator, generally associated with changes in climate, biodiversity, and daylight hours.

Permafrost

A layer of soil or rock, below the surface of the earth, that remains frozen for two or more consecutive years, found mostly in polar regions.

Permanently Frozen Ground

Ground that remains at or below 0°C (32°F) for at least two consecutive years, typically found in polar regions, known as permafrost.

Hadal Zone

The Hadal Zone refers to the deepest regions of the ocean, typically found in oceanic trenches, and ranges in depth from about 6,000 to 11,000 meters.