Figure 7.9 -Refer to Figure 7.9.Suppose the Prevailing Price Is $20 and Is

question 57

Multiple Choice

Figure 7.9
-Refer to Figure 7.9.Suppose the prevailing price is $20 and the firm is currently producing 1350 units.In the long-run equilibrium,

• A) there will be fewer firms in the industry and total industry output decreases.
• B) there will be more firms in the industry and total industry output increases.
• C) there will be fewer firms in the industry but total industry output increases.
• D) there will be more firms in the industry and total industry output remains constant.

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Definitions:

Kickboxing

A stand-up combat sport that combines elements of punching and kicking, developed from karate, Muay Thai, and Western boxing.

Discover

The act of finding something previously unknown or unrecognized by deliberate search or by chance.

Descriptive Norm

The perception of what is commonly done in specific situations, often influencing people's behavior in social contexts.

Proscriptive

Pertaining to prohibitions, rules, or norms specifying what individuals should not do in a given context.