With Identical Firms,constant Input Prices,and All the Other Characteristics of a Competitive

question 76

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 change in equilibrium quantity but not price.
• D) a shift in demand has no effect on the long-run average cost, resulting in change in equilibrium price but not quantity.

Understand the contribution of the cognitive perspective to psychology.

Identify the principles of humanistic psychology.

Understand the role of positive psychology in contemporary research.

Recognize the impact of neuroscience on psychology.

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Definitions:

Total Output

The complete quantity of goods or services produced in a specific time period by an economy or firm.

Labor Prices

The wages or compensation paid to employees for their labor or work performed.

Profit-maximizing Firm

A company that seeks to achieve the highest possible profit through its operations, focusing on revenue enhancement and cost reduction.

Units of Labor

Refers to the measurement of labor force involvement, typically in terms of person-hours or person-years.