An Industry Where a Change in the Number of Firms

question 99

Multiple Choice

An industry where a change in the number of firms does not affect the prices of the resources used in the industry will have a long-run supply curve that is

• A)vertical.
• B)horizontal.
• C)upsloping.
• D)downsloping.

---

Definitions:

Profit and Loss Ratio

A financial metric that measures a company's profitability by comparing its profits and losses over a specific period.

Other Assets

Assets that do not fit into the standard categories of current or long-term assets, often including long-term investments, patents, or deposits.

Working Paper

Documentation created by accountants during an audit or financial analysis, containing the details and evidence supporting their conclusions.

Capital Account Balances

Represent the net assets owned by shareholders or partners in an entity, reflecting investments, profits, and losses.