A Perfectly Elastic, Long-Run Market Supply Curve Is Most Likely

question 65

Multiple Choice

A perfectly elastic, long-run market supply curve is most likely to be achieved in

• A) a price-taker industry.
• B) a constant cost industry.
• C) an increasing cost industry.
• D) a price searcher industry.

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Definitions:

Effort Justification

The cognitive dissonance reduction mechanism where individuals attribute a higher value to an outcome they had to put effort into achieving, regardless of the actual value.

Cognitive Dissonance Theory

A psychological theory that suggests discomfort arises from holding two conflicting beliefs simultaneously, leading individuals to change their attitudes or beliefs to reduce discomfort.

Attracted To Partners

The phenomenon of feeling drawn towards other individuals for romantic or platonic relationships.

Behavioral Aggregation

The concept that predicts an individual's behavior over time and across different situations is more accurately understood when those behaviors are aggregated or collectively analyzed.