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

question 56

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 firm will produce 30 thousand pounds of apples in the short run and earn an economic profit. New firms will enter the market and shift the market supply curve to the left.
• B) The firm will produce 30 thousand pounds of apples in the short run and earn an economic profit, but it would earn a greater profit if it produced at the lowest point on the ATC curve.
• C) The firm will produce 30 thousand pounds of apples in the short run and earn an economic profit. New firms will enter the industry; as a result, the firm will be forced to exit the industry in the long run.
• D) The firm will produce 30 thousands pounds of apples in the short run and earn an economic profit. In the long run the firm will break even.

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Definitions:

Cardiorespiratory Fitness

A measure of the efficiency of the heart, lungs, and vascular system in pumping oxygen to the body during sustained physical activity.

VO₂ Max

Maximum rate of oxygen consumption measured during incremental exercise; a key indicator of an individual's aerobic physical fitness.

Longevity

The length of an individual's life, often studied in demographics and gerontology to assess common factors influencing lifespan.

Temporal Relationship

The chronological ordering of events, which can help establish a cause-and-effect relationship in epidemiological studies.