The Long-Run Supply Curve for a Competitive Industry

question 193

Multiple Choice

The long-run supply curve for a competitive industry

• A)may be horizontal if entry into the industry lowers average total cost.
• B)may be upward-sloping if higher-cost firms enter the industry.
• C)will be horizontal if there is free entry into the industry.
• D)will be upward-sloping if there are barriers to entry into the industry.

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Definitions:

Joint Venture Agreement

A legal document that outlines the terms and conditions under which two or more parties undertake a specific business venture together.

UNCITRAL Rules

A set of procedural rules adopted by the United Nations Commission on International Trade Law to govern arbitration proceedings.

Export and Import Permits Act

Legislation regulating the export and import of specific goods and technologies to and from a country.