Figure 9-17 the Graphs in Figure 9-17 Represent the Perfectly

question 135

Multiple Choice

Figure 9-17
The graphs in Figure 9-17 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 9-17.Which of the following statements is true?

• A) The current market price is $3 but the firm will be able to increase the price in the future.
• B) The current market price is $3 but the price will fall in the long run as a result of a decrease in demand.
• C) The current market price is $3 but the price will fall in the long run as new firms enter the market.
• D) The current market price is $3 but the price will increase in the future as the market demand increases.

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A liquid by-product of metabolism in humans and many animals, expelled from the kidneys and stored in the bladder until it is released from the body.

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A disease of the heart muscle that makes it harder for the heart to pump blood to the rest of the body.

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