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:

Petty Cash

A small amount of cash on hand that is used for paying small expenses in an organization.

Cash Short And Over

An accounting term that represents the discrepancies between the recorded amount of cash and the actual amount of cash available, indicating either a surplus or a shortfall.

Sales

Revenue generated from the selling of goods or services.

Invoices

Documents issued by a seller to a buyer that specify the goods or services provided, their prices, and payment terms.