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.

---

Definitions:

Singular Sense

The unique or individual meaning or perspective of a term or concept.

The Ego

According to Freud, is a psychological mechanism that balances the conflicting needs of the pleasure-seeking id and the restraining superego.

Impulsive

Acting or done without careful consideration of the possible consequences; driven by immediate desires.