Use the Figure Below to Answer the Following Questions

question 105

Multiple Choice

Use the figure below to answer the following questions.

Figure 12.4.3
-Refer to Figure 12.4.3, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. In the long run, market

• A)demand will increase.
• B)demand will decrease.
• C)supply will increase.
• D)supply will decrease.
• E)demand and market supply will both increase.

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Definitions:

Partisan

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Average American

A term often used to describe a typical or representative individual from the United States, based on various demographic or statistical measures.

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A measure of time, specifically the number of hours spent on a particular activity or activities within a 24-hour period.