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.

---

Definitions:

Totten Trust

A form of revocable trust created during the trustee's lifetime where the funds in a bank account are payable on the trustee's death to a named beneficiary.

Holographic Will

A will entirely handwritten and signed by the testator.

Bank Deposit

A bank deposit involves placing money into a banking institution for safekeeping, with the funds typically available for withdrawal at a later date.

Legal Relationship

A connection between entities or individuals that is recognized and governed by law, such as contracts, familial ties, or partnerships.