If the Market Demand Curve in a Perfectly Competitive Industry

question 80

Multiple Choice

If the market demand curve in a perfectly competitive industry shifts left, the demand curve for each existing firm will:

• A)shift up.
• B)shift down.
• C)shift right.
• D)shift left.
• E)become positively sloped.

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Definitions:

Task Variety

Refers to the degree of different activities and skills required in a job, influencing employee motivation and satisfaction.

Job Simplification

The method of decomposing a task into its most basic elements to enhance productivity and minimize intricacy.

Total Mechanization

The complete automation or use of machinery to perform all tasks in a process or system, eliminating the need for manual labor.

Automation

The total mechanization of a job.