Refer to Figure 23

question 115

Multiple Choice

Refer to Figure 23.5 for a perfectly competitive firm.If more efficient production techniques were developed in this market, which of the following changes would we expect to occur, ceteris paribus?

• A)The ATC, MC, and market price would all decrease.
• B)The ATC alone would decrease.
• C)The ATC, MC, and market price would all increase.
• D)The ATC alone would increase.

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Definitions:

Unconscious Factors

Elements of the psyche that operate without our awareness, influencing behaviors, feelings, and judgments.

Personality Traits

Enduring characteristics or qualities that describe a person's typical behaviors, emotions, and thought patterns.

Barry Manilow T-shirt

A garment featuring imagery or text related to Barry Manilow, likely intended as a form of fan merchandise.

Spotlight Effect

The psychological tendency to overestimate the extent to which one's actions and appearance are noticed by others.