A Constant-Cost Industry Is Distinguished by the Fact That

question 111

Multiple Choice

A constant-cost industry is distinguished by the fact that

• A)firms' long-run average cost curves are horizontal
• B)firms' short-run marginal cost curves are horizontal
• C)firms' short-run average total costs are horizontal
• D)the short-run industry supply curve is perfectly elastic
• E)the long-run industry supply curve is perfectly elastic

---

Definitions:

Logarithm

The exponent to which a base, often 10 or e, needs to be elevated to yield a specific number.

Logarithms

The exponent or power to which a base, typically 10 or e, must be raised to produce a given number.

Evaluate

To calculate the numerical value of an expression.

Antler

A branched horn on the head of a male deer, elk, or moose, shed and regrown annually.