If a Change in Market Demand Results in No Change

question 31

True/False

If a change in market demand results in no change in price in the long run, then it is true that the long-run industry supply curve does not exist.

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Definitions:

Oblique

Positioned at an angle; not perpendicular or parallel to a reference line.

Frontal

Pertaining to the forehead or the front part of the body; in anatomy, it often refers to the frontal bone or lobes of the brain.

Transverse

Transverse refers to a direction or plane that lies at a right angle to the longitudinal axis of the body or an organ.

Group Structure

The organized system of roles, norms, and relationships within a group that shapes members' interactions and the group's functioning.