The Following Graphs Depict a Perfectly Competitive Firm and Its

question 45

Multiple Choice

The following graphs depict a perfectly competitive firm and its market.
Assume that all firms in this industry have identical cost functions.
In the long run equilibrium in this market,

• A) price will equal $5,and there will be 20 firms in the industry.
• B) price will equal $5,and there will be 10 firms in the industry.
• C) price will equal $8,and there will be 20 firms in the industry.
• D) price will equal $5 and total output will equal 500 units,but there is not enough information to know how many firms there will be.

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Definitions:

Promotion Elements

Various components and methods used in marketing to communicate with the target audience, such as advertising, sales promotions, and publicity.

Marketing Research

Marketing research involves the systematic gathering, recording, and analyzing of data about issues relating to marketing products and services.

Market Research Activities

Comprise various tasks and processes used to gather, analyze, and interpret data about a market, including customer preferences, competition, and trends.

Marketing Research Process

A systematic series of steps to identify and solve marketing problems through the use of scientific research methodologies.