In Figure 23

question 95

Multiple Choice

In Figure 23.3, diagram "a" presents the cost curves that are relevant to a firm's production decision, and diagram "b" shows the market demand and supply curves for the market.Use both diagrams to answer the following question: If the market demand curve is D2 in Figure 23.3, then in the long run,

• A)Economic profit is less than zero, and firms will exit.
• B)Economic profit is greater than zero, and firms will expand production.
• C)There are zero economic profits, so there will be no entry or exit.
• D)There are zero economic profits, so firms will exit.

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Definitions:

Right To Vote

A fundamental democratic right allowing individuals to participate in choosing their government officials and influencing governance through elections.

Living Wage

A salary level considered sufficient for a worker to meet their basic needs, including housing, food, and other essentials, aiming to provide a standard of living above the poverty line.

Right To Bear Arms

The constitutional right, particularly within the context of the Second Amendment to the United States Constitution, that allows individuals to possess and carry weapons.

Charity Organizations

Non-profit entities that focus on providing aid and assistance to various causes and communities in need, through fundraising, volunteering, and advocacy efforts.