Consider the Following Statements When Answering This Question: I

question 59

Multiple Choice

Consider the following statements when answering this question: I. When a competitive industry's supply curve is perfectly elastic, then the sole beneficiaries of a reduction in input prices are consumers.
II) Even in competitive markets firms have no incentives to control costs, as they can always pass on cost increases to consumers.

• A) I and II are true.
• B) I is true, and II is false.
• C) I is false, and II is true.
• D) I and II are false.

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Definitions:

Personality Tests

are assessments designed to measure and evaluate individuals' characteristic patterns of behavior, thought, and emotion, often to identify personality traits.

Correlation Coefficient

A statistical measure that denotes the degree to which two variables are linearly related, ranging from -1 to +1.

Measures

Tools or techniques used to assess, quantify, or evaluate a particular process, trait, or ability.

Relationship

The way in which two or more concepts, objects, or people are connected, or the state of being connected.