Suppose That Initially the Price Is $50 in a Perfectly

question 123

Multiple Choice

Suppose that initially the price is $50 in a perfectly competitive market.Firms are making zero economic profits.Then the market demand shrinks permanently,some firms leave the industry,and the industry returns to a long-run equilibrium.What will be the new equilibrium price,assuming cost conditions in the industry remain constant?

• A) $50
• B) $45
• C) Lower than $50, but exact value cannot be known without more information.
• D) Larger than $45, but exact value cannot be known without more information.

Identify strategies to overcome the functional chimney problem through effective team structure.

Recognize the role of managers and leaders in facilitating team integration and effectiveness.

Understand the concept and characteristics of different types of teams, including distributed, self-managing, and virtual teams.

Recognize the stages of team development and the characteristics of each stage.

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Definitions:

Single-Blind Study

A type of study or experiment where only the participants do not know which group (control or experimental) they are in to reduce bias.

Ethical Guideline

A set of recommendations that outline appropriate conduct and decision-making to ensure ethical behaviour in various contexts.

American Psychological Association

A leading scientific and professional organization representing psychology in the United States, dedicated to advancing the creation, communication, and application of psychological knowledge to benefit society and improve people's lives.

Deceived

Misled or lied to, resulting in being made to believe something that is not true.