The Figure Given Below Shows the Aggregate Demand and Supply

question 70

True/False

The figure given below shows the aggregate demand and supply curves of a perfectly competitive market.Figure 10.7

-If losses are incurred in a competitive industry, then over the long-run we can expect a greater quantity supplied, because market price will rise.

---

Definitions:

Restriction

A limitation or constraint placed on actions, activities, or movements, often found in legal contexts or agreements.

Employment Agreement

A contractual agreement between an employer and employee outlining the terms of employment.

Specialized Company

A business focused on a specific market niche, offering products or services that are not broadly offered by generalist companies.

Personal Injury

Physical or psychological harm caused to an individual due to another's negligence or intentional act.