A Perfectly Competitive Firm in a Constant-Cost Industry Produces 1,000

question 144

True/False

A perfectly competitive firm in a constant-cost industry produces 1,000 units of a good at a total cost of $50,000.If the prevailing market price is $48, the number of firms and the industry's output will decrease in the long run.

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Definitions:

Toxic Substances

Materials or compounds that can cause harm to living organisms through ingestion, inhalation, or skin absorption.

Sweet Foods

are items rich in sugars that taste sweet, often serving as desserts or snacks.

Fattening Foods

Foods that are high in calories and low in nutritional value, often contributing to weight gain.

Strong Aversion

A powerful feeling of disgust or intense dislike towards a particular object, situation, or activity, leading to avoidance behavior.