Figure 9.18 -Refer to Figure 9.18.Which of the Following Statements Is True

question 178

Multiple Choice

Figure 9.18
-Refer to Figure 9.18.Which of the following statements is true?

• A) D_a represents the long-run demand curve facing a monopolistic competitor in a constant-cost industry while D_b depicts the demand curve in the short run.
• B) D_a represents the long-run demand curve facing a monopolistic competitor in a constant-cost industry while D_b depicts the long-run demand curve in an increasing-cost industry.
• C) D_a represents the long-run demand curve facing a perfect competitor while D_b depicts the long-run demand curve facing a monopolistic competitor.
• D) D_a represents the long-run supply curve in a perfectly competitive, constant-cost industry while D_b depicts the long-run demand curve facing a monopolistic competitor in a decreasing-cost industry.

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Definitions:

Executory

Describing a contract or deed yet to be fully executed or performed, often depending on certain conditions being met.

Voluntary Agreement

A mutual consent or contract between parties, typically concerning legal obligations and enforcements.

Offer

A proposal presented by one party to another with the intention to enter into a legally binding contract upon acceptance.

Acceptance

The actual or implied receipt and retention of that which is tendered or offered.