If the Long-Run Industry Supply Curve Is Downward-Sloping, It Follows

question 34

Multiple Choice

If the long-run industry supply curve is downward-sloping, it follows that there are __________ costs in the industry.

• A)increasing
• B)constant
• C)decreasing
• D)a or b
• E)There is not enough information to answer the question.

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Definitions:

Moderately Complex

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PASS Method

An acronym used in fire safety training standing for Pull, Aim, Squeeze, and Sweep, relating to the use of fire extinguishers.

Chemical Hygiene Plan

A document outlining procedures, equipment, personal protective equipment, and work practices designed to minimize exposure to hazardous chemicals.

Quality Assurance

The systematic process of ensuring that products and services meet specified requirements and standards.