With No Barriers to Entry or Exit and When Firms

question 57

Multiple Choice

With no barriers to entry or exit and when firms in a market are operating at a loss,you can expect other firms to exit,causing the _________ curve to shift to the _________ and making the equilibrium price _________ and the equilibrium quantity _________.

• A) demand; right; increase; increase
• B) demand; left; decrease; decrease
• C) supply; right; decrease; increase
• D) supply; left; increase; increase
• E) supply; left; increase; decrease

Understand the role of education and the desire for educational opportunities among freed slaves post-Civil War.

Recognize the varying perspectives on black suffrage and civil rights during Reconstruction.

Analyze the impact and legal significance of the Fourteenth Amendment.

Comprehend the political dynamics and conflicts during Reconstruction, including the differing views within the Republican Party and between the President and Congress.

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Definitions:

Industry Output

The total production of goods and services by all firms in a specific industry over a given period.

Market Supply Curve

A graph showing the total quantity of a good that producers are willing to sell at different prices.

Easy Entry

A characteristic of market structures where new competitors can easily enter the market without significant barriers or cost.

Constant-Cost Industry

An industry in which the costs of production, including input prices, do not change as the industry's output changes.