Figure 12-11 -Refer to Figure 12-11.If This Is a Constant-Cost Industry, What

question 237

Multiple Choice

Figure 12-11

-Refer to Figure 12-11.If this is a constant-cost industry, what is the market price in the long-run equilibrium?

• A)$5
• B)$14
• C)$15
• D)$20

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Definitions:

Ectoderm

The outermost layer of cells or tissue of an embryo in early development, giving rise to the epidermis and nervous system among others.

Germ Layer

One of the three primary layers of cells (ectoderm, mesoderm, endoderm) in the early embryo that develop into specific organ systems.

Nervous System

A complex network of nerve cells and fibers that transmits nerve impulses between parts of the body, coordinating and controlling bodily functions.

Ectoderm

The outermost layer of cells in the developing embryo of an animal, giving rise to the skin and nervous system.