The Short-Run Industry Supply Curve

question 278

Multiple Choice

The short-run industry supply curve:

• A)shows the total quantity supplied by all firms in an industry for each possible price when the number of producers is fixed.
• B)is drawn on the assumption that the number of firms in the industry doesn't increase,but it allows for a decrease in the number of firms due to bankrupt firms leaving the industry.
• C)is a meaningful concept only if all firms in the industry are identical.
• D)is of limited usefulness since it is not relevant when markets are perfectly competitive.

---

Definitions:

Numb

A state or sensation of having lost the sense of touch or feeling, often due to local anesthesia or nerve damage.

Cryotherapy

A treatment method that uses extreme cold to freeze and remove abnormal tissue or to relieve pain and inflammation.

Vasodilatation

The expansion of blood vessels, leading to increased blood flow and decreased blood pressure.

Local Anesthesia

A method of pain relief that numbs a small, specific area of the body during minor procedures, without affecting consciousness.