The Following Figures Show the Demand and Cost Curves of a Perfectly

question 64

Multiple Choice

The following figures show the demand and cost curves of a perfectly competitive and a monopoly firm respectively. Figure 10.7
D: Average Revenue
AC: Average cost
MC: Marginal cost
MR: Marginal cost
-According to Figure 10.7,which of the following statements is incorrect about the price P₁?

• A)The monopolist is maximizing profit at P_1.
• B)In the long run,firms will leave the perfectly competitive industry and force the price upward.
• C)The monopolist is earning normal profit at P_1.
• D)Both the firms maximize their profits at P_{1 .}
• E)The perfectly competitive firm would produce 10 units of output at P_1.

Understand the ethical considerations of using social media in a professional setting.

Understand the concepts and functions of social psychology.

Identify and explain the key psychological phenomena and biases in social settings.

Describe the relationship between attitudes and behaviors.

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Definitions:

Real GDP per Person

An economic metric that measures the value of all finished goods and services produced within a country in a year, adjusted for inflation, and divided by the total population.

Life Expectancy

Life expectancy is the statistical measure of the average time an organism is expected to live, based on factors such as the year of their birth, current age, and demographic factors.

Literacy Rates

The percentage of people who are able to read and write within a specific population.

Unemployment

The condition of being without a paid job despite actively looking for work, often measured by the unemployment rate which is the percentage of the labor force that is jobless.