With Identical Firms, Constant Input Prices, and All the Other

question 17

Multiple Choice

With identical firms, constant input prices, and all the other characteristics of a competitive market

• A)a shift in demand has no effect on the long-run average cost and so there is no change in equilibrium price and quantity.
• B)a shift in demand will change the equilibrium price and quantity.
• C)a shift in demand has no effect on the long-run average cost, resulting in a change in equilibrium quantity but not price.
• D)a shift in demand has no effect on the long-run average cost, resulting in a change in equilibrium price but not quantity.

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General Jurisdiction

The court's authority to hear a wide range of cases, not limited by subject matter or geographic location within its jurisdiction.

County

A territorial division within a state or country, functioning as an administrative or political unit.

District

An area or region defined for administrative, legal, or other purposes.

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A term used to describe a general jurisdiction trial court in some U.S. states.