If, as a Perfectly Competitive Industry Expands, It Can Supply

question 107

Multiple Choice

If, as a perfectly competitive industry expands, it can supply larger quantities at the same long-run market price, it is

• A)a constant-cost industry.
• B)an increasing-cost industry.
• C)a decreasing-cost industry.
• D)a fixed-cost industry.

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Definitions:

John Stuart Mill

A 19th-century British philosopher, political economist, and civil servant known for his contributions to social theory, political theory, and utilitarianism.

Marxist/Socialist Feminism

A branch of feminism that interprets the oppression of women as a result of capitalism and advocates for societal change to achieve gender equality.

Sexual Oppression

Sexual oppression involves systemic and societal practices that discriminate against individuals or groups based on their sexual orientation, gender identity, or sexual activities, often resulting in inequality and harm.

Economic Dependence

A situation where an individual or entity relies on another for financial support or resources.