Figure 12-7 the Graphs in Figure 12-7 Represent the Perfectly

question 139

Multiple Choice

Figure 12-7 The graphs in Figure 12-7 represent the perfectly competitive market demand and supply curves for the apple industry and demand and cost curves for a typical firm in the industry.
-Refer to Figure 12-7.The graphs depicts a short run equilibrium.How will this differ from the long-run equilibrium? (Assume this is a constant-cost industry.)

• A)Fewer firms will be in the market in the long run than in the short run.
• B)The price will be higher in the long run than in the short run.
• C)The market supply curve will be further to the left in the long run than in the short run.
• D)The firm's profit will be lower in the long run than in the short run.

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Definitions:

Functional Group

A specific group of atoms within a molecule that is responsible for the characteristic chemical reactions of that molecule.

R-OH

This is a general formula representing alcohols where R represents the alkyl group and -OH represents the hydroxyl functional group.

Alcohol

Any organic compound where the hydroxyl functional group (–OH) is bound to a carbon atom.

Aldehydes

Organic compounds characterized by the functional group -CHO, where the carbon atom is double bonded to oxygen and single bonded to hydrogen.