Figure 14-13 Suppose a Firm in a Competitive Industry Has the Following

question 316

Multiple Choice

Figure 14-13
Suppose a firm in a competitive industry has the following cost curves:
-Refer to Figure 14-13. If the price is $4.50 in the short run, what will happen in the long run?

• A)Nothing. The price is consistent with zero economic profits, so there is no incentive for firms to enter or exit the industry.
• B)Individual firms will earn positive economic profits in the short run, which will entice other firms to enter the industry.
• C)Individual firms will earn negative economic profits in the short run, which will cause some firms to exit the industry.
• D)Because the price is below the firm's average variable costs, the firms will shut down.

Understand the principles of core temperature measurement and the appropriate sites.

Understand patient positioning appropriate for various assessments and conditions.

Follow correct procedures and sequences for physical assessments.

Apply appropriate infection control practices during patient care.

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Definitions:

Duty Not to Injure

A legal obligation to avoid causing harm to others, typically in the context of negligence or tort law.

Disposable Propane Cylinders

Single-use containers designed for holding propane gas, commonly used for camping stoves and outdoor grills.

Consumer Product Safety Act

Legislation designed to protect consumers from products that pose a fire, electrical, chemical, or mechanical hazard or can injure consumers.

Hazardous Products Act

Legislation that regulates the sale, importation, and advertising of products that pose risks to health and safety, ensuring consumer protection and hazard disclosure.