If Price Is Below the Long-Run Competitive Equilibrium Level,there Will

question 125

Multiple Choice

If price is below the long-run competitive equilibrium level,there will be

• A)Greater demand.
• B)Positive economic profits.
• C)Greater output.
• D)Exit of firms from the market.

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Definitions:

Specialized Farming

Agricultural practices focusing on the cultivation of specific crops or the raising of certain types of livestock, often to maximize efficiency and output.

Shifting Cultivation

A form of agriculture where an area of ground is cleared, cultivated for a few years, and then abandoned for its fertility to naturally replenish.

Early Hunter-Gatherers

Human societies in the Paleolithic era who subsisted by hunting wild animals and gathering plant foods, without engaging in sustained agriculture.