Which of the Following Is NOT a Characteristic of a Constant

question 16

Multiple Choice

Which of the following is NOT a characteristic of a constant cost competitive industry-As the industry expands in the long run,

• A) the price of the product remains constant.
• B) inputs prices remain constant.
• C) the cost of production remains constant.
• D) the number of firms remain constant.
• E) none of the above

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Definitions:

Consumption

The use of goods and services by households, one of the primary components of economic activity and growth.

Inheriting

Inheriting involves receiving assets, property, or other legal rights from someone who has passed away, as stipulated by a will or prevailing laws of succession.

Millionaire

An individual whose net worth or wealth is equal to or exceeds one million units of currency.

Well-being

The state of being comfortable, healthy, or happy, reflecting the overall quality of an individual's life.