If Price Is Above the Long-Run Competitive Equilibrium Level

question 112

Multiple Choice

If price is above the long-run competitive equilibrium level,

• A)Firms will enter the market.
• B)Firms will shut down.
• C)Firms will incur losses.
• D)The market supply will shift to the left.

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Definitions:

Form

The visible shape or configuration of something, often pertaining to the physical appearance or structure of an object.

Quarterly

Pertaining to or occurring every three months.

Gross Earnings

The total income earned by an individual or organization before any deductions or taxes are subtracted.

Total Deductions

The sum of all amounts subtracted from an individual's gross income for taxes, benefits, and other expenses.