Figure 12-17 the Graphs in Figure 12-17 Represent the Perfectly

question 136

Multiple Choice

Figure 12-17 The graphs in Figure 12-17 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 12-17. 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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A legal principle that allows law enforcement officers to cross jurisdictional lines in pursuit of a fleeing suspect.

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A provision of the U.S. Constitution that protects individuals against unreasonable searches and seizures by the government.

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A formal charge or accusation of a serious crime, issued by a grand jury or government authority.

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A term used to indicate that a grand jury has found enough evidence to charge a suspect formally.