In the Figure Given Below MC Denotes the Marginal Cost

question 31

Multiple Choice

In the figure given below MC denotes the marginal cost and AC denotes the average cost of a firm under perfect competition.

-Refer to Figure .What will be the long run effect of the increase in demand (from Q₀ to Q₁) in this market?

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Definitions:

Qualitative Forecasting

The method of forecasting outcomes based on non-numerical information such as expert opinion, rather than quantitative data.

Expert Opinions

Judgments or advice given by individuals with extensive knowledge or expertise in a particular area.

Procedures

Established sequences of actions or steps designed to achieve specific tasks or processes within an organization.

Qualitative Forecasting

A forecasting method that relies on expert opinions, theories, and market research instead of numerical data.