If the Input Needed by an Industry Has a Perfectly

question 43

Multiple Choice

If the input needed by an industry has a perfectly inelastic supply,the long-run market supply curve for the industry will be

• A) perfectly elastic.
• B) perfectly inelastic.
• C) upward-sloping.
• D) downward-sloping.
• E) S-shaped.

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Definitions:

Group Insurance

An insurance policy that covers multiple people under one contract, typically offered by employers, associations, or organizations.

Employer

An individual or organization that hires and pays for the services of workers under an expressed or implied contract of employment.

Indemnity Plan

Compensation for damage done or loss caused.

Commercial Plan

A detailed proposal for a business venture or project, emphasizing strategies for marketing, operation, and financial management.