Assume That the Long Run Average Cost for a Representative

question 97

Multiple Choice

Assume that the long run average cost for a representative firm in an industry is minimized at $10 per unit of output.Further assume that total industry output is X at a price of $10,and that each firm in this industry produces 0.2X at an average cost of $10.Under these conditions we would expect the market to have:

• A)a single firm.
• B)two firms.
• C)infinite number of firms.
• D)five firms.

Understand the concept and significance of motivation in human behavior.

Recognize the different types of motivations and their underlying dynamics.

Identify the role of self-actualization in Maslow's hierarchy of needs.

Learn the difference between intrinsic and extrinsic motivation and their effects on behavior.

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Definitions:

Interest Rates

The cost of borrowing money or the return on savings, typically expressed as a percentage.

Trade Surpluses

An economic condition that occurs when a country's exports exceed its imports over a certain period of time, indicating a positive balance of trade.

Inflation Rates

The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.

Foreign Exchange Gain

A financial benefit resulting from changes in exchange rates, enhancing the value of foreign currency assets upon conversion.