In the Long Run, Firms Will Exit Industries Where Price

question 100

Multiple Choice

In the long run, firms will exit industries where price is:

• A) greater than average cost.
• B) equal to average cost.
• C) less than average cost.
• D) positive.

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Definitions:

Holder In Due Course

A legal term for a party who has acquired a negotiable instrument in good faith and for consideration, and thus has certain protections against claims and defenses that could be raised against the original issuer.

Categorically States

Expresses or asserts something in a manner that is clear and unequivocal.

Authorized

Authorized means having the official permission or approval to do something, especially in a legal or business context.

Liable

Legally responsible or obligated to make restitution or compensation for harm or breach.