In a Competitive, Constant Cost Industry

question 184

Multiple Choice

In a competitive, constant cost industry:

• A) there is no entry or exit.
• B) demand never changes.
• C) supply is inelastic.
• D) the long-run price is constant.

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Definitions:

Self-reliance

The reliance on one's own powers and resources rather than those of others.

Temperament

The inherent part of an individual's personality, including mood, disposition, and adaptability.

Attachment Security

The degree of trust in the availability and responsiveness of one's attachment figures, often developed in early childhood.

Sensorimotor Stage

The first of the four stages of cognitive development in Piaget's theory, spanning from birth to about 2 years of age, where infants learn about the world through their sensory impressions and motor activities.