Table 16-4 This Table Shows the Demand Schedule, Marginal Cost, and Average

question 131

Multiple Choice

Table 16-4
This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm.
-Refer to Table 16-4. Which of the following is likely to happen in the long run in this market?

• A)The market is currently in a long-run equilibrium.
• B)The market price is likely to rise.
• C)Firms are likely to enter the market since firms are earning a positive economic profit.
• D)Firms are likely to leave the market since firms are earning a negative economic profit.

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Definitions:

Capillaries

Microscopic blood vessels that facilitate the exchange of water, oxygen, carbon dioxide, and many other nutrients and waste substances between blood and tissues.

Pulse

The rhythmic expansion and contraction of arteries each time the heart beats, often felt at various points on the body as a heartbeat.

Carotid Artery

A major artery supplying blood to the head and neck region, divided into internal and external branches.

Abdominal Aorta

The major blood vessel in the abdomen that supplies blood to the lower part of the body.