Figure 13-7 -Refer to Figure 13-7.If the Diagram Represents a Typical Firm

question 22

Multiple Choice

Figure 13-7
-Refer to Figure 13-7.If the diagram represents a typical firm in the market,what is likely to happen in the long run?

• A)Some firms will exit the market causing the demand to increase for firms remaining in the market.
• B)New firms will enter the market causing the demand to decrease for existing firms.
• C)Inefficient firms will exit the market and new cost-efficient firms will enter the market.
• D)Competition will be intensified as firms strive to make long-run profits.

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