-Refer to the Above Figure

question 9

Multiple Choice

-Refer to the above figure. As more and more firms are able to and actually do enter the industry, the demand curve of each firm and its marginal revenue curve

• A) will shift inward until the demand curve is tangent to the average total cost curve.
• B) will become vertical.
• C) will become upward sloping.
• D) None of the above will occur.

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Definitions:

Legal Sanctions

Penalties or coercive actions that can be imposed by a legal authority in response to noncompliance with laws or regulations.

Morals

Principles or habits with respect to right or wrong conduct, guiding an individual's behavior in society.

Beyond a Reasonable Doubt

The highest standard of proof required in criminal trials to ensure the defendant's guilt is proven to such a certainty that there is no plausible reason to believe otherwise.

Preponderance of Evidence

The standard of proof in most civil cases, requiring more convincing evidence than the opposing side to win the case.