The Long-Run Market Supply Curve in the Presence of Internal

question 26

Multiple Choice

The long-run market supply curve in the presence of internal economies of scale is ________, and in the presence of external economies of scale, it is ________.

• A) horizontal; upward sloping
• B) downward sloping; downward sloping
• C) upward sloping; downward sloping
• D) upward sloping; horizontal
• E) downward sloping; horizontal

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Definitions:

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method or decision.

Anagrams

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Arrangement

The way in which items or things are organized or laid out.

Inducing Structure

A method in psychological research and education designed to encourage understanding and learning of complex relationships or concepts by identifying underlying structures.