Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.
Figure 9.2Refer to Figure 9.2. If MR = $5, then in the long run
A. new firms will enter the industry and the current firms will expand production.
B. firms will increase their output so that their average fixed cost per unit falls.
C. the firm will increase its price and output.
D. the firm will exit the industry.
Answer: D
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A person is ________ to the degree that he or she is willing to invest time, energy, and his or her sense of self in attaining conventional goals
Fill in the blank(s) with the appropriate word(s).
If a firm is producing at its minimum efficient scale, increasing its output slightly will lead to diseconomies of scale
a. True b. False
After adjusting for institutional factors, economists have found that:
A. institutional factors explain some of the lower pay that women receive, but workplace discrimination also appears to play a role. B. workplace discrimination explains all of the pay difference between men and women. C. institutional factors explain all of the pay difference between men and women. D. there is no discrimination; all of the pay difference between men and women can be explained by differences in education and experience.
This graph depicts a tax being imposed, causing demand to shift from D1 to D2. The amount of the tax imposed in the graph shown is equal to:
A. (P1 P3).
B. (P2 P1).
C. (P4 P2).
D. (P4 P3).