Which Statement Is TRUE

question 4

Multiple Choice

Which statement is TRUE?

• A)The long-run industry supply curve relates the price of a good or service to the quantity produced after all adjustments to a price change have been made.
• B)Every point on a long-run industry supply curve shows a price and quantity supplied at which firms in the industry are earning positive economic profit.
• C)For establishing the long-run industry supply curve,factor costs and the number of firms are held constant.
• D)In perfectly competitive industries,the long-run supply curve is always horizontal.

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Definitions:

Clear-cut

A forestry or logging practice where all trees in an area are uniformly cut down, often used for timber production but criticized for environmental impact.

Acid Soils

Soils with a pH level below 7, often resulting from heavy rainfall, certain parent material, or anthropogenic sources, which can affect plant growth and soil biology.

Alkaline Soil

Soil with a pH value above 7, characterized by a high concentration of carbonate and bicarbonate ions, affecting nutrient availability and plant growth.

Clear-cutting

A logging practice where all the trees in a designated area are uniformly cut down.