As the Number of Firms in a Market Increases, the Supply

question 185

True/False

As the number of firms in a market increases, the supply curve will shift to the right and the equilibrium quantity will rise.

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Definitions:

Productivity of Labor

A measurement of the output produced by employees or labor within a specific period of time.

Labor-Intensive

A type of production process or industry that requires a large amount of labor to produce goods or services, in comparison to capital.

Economic Costs

The total expenses incurred in production, including both explicit costs like wages and implicit costs such as opportunity costs.

Total Revenue

Total Revenue refers to the total receipts from sales of goods or services.