Figure 12-17 the Graphs in Figure 12-17 Represent the Perfectly

question 136

Multiple Choice

Figure 12-17 The graphs in Figure 12-17 represent the perfectly competitive market demand and supply curves for the apple industry and demand and cost curves for a typical firm in the industry.
-Refer to Figure 12-17. The graphs depicts a short-run equilibrium. How will this differ from the long-run equilibrium? (Assume this is a constant-cost industry.)

• A) Fewer firms will be in the market in the long run than in the short run.
• B) The price will be higher in the long run than in the short run.
• C) The market supply curve will be further to the left in the long run than in the short run.
• D) The firm's profit will be lower in the long run than in the short run.

---

Definitions:

Lesion

Any damage or abnormal change in the tissue of an organism, usually caused by disease or trauma.

Lateral Aspect

Refers to the side view or portion of a body part or structure, away from the midline.

Abdominal Pain

Discomfort or pain that occurs in the area between the chest and the pelvic regions, which can have a wide range of causes from digestion problems to infections and inflammatory diseases.

Best Response

The most effective or optimal reaction or answer to a given situation or question.