Which of the Following Statements Is Correct

question 142

Multiple Choice

Which of the following statements is correct?

• A) The long-run supply curve for a purely competitive increasing-cost industry will be upsloping.
• B) The long-run supply curve for a purely competitive increasing-cost industry will be perfectly elastic.
• C) The long-run supply curve for a purely competitive industry will be less elastic than the industry's short-run supply curve.
• D) The long-run supply curve for a purely competitive decreasing-cost industry will be upsloping.

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Definitions:

Random Variable

A variable whose values depend on outcomes of a random phenomenon.

Standard Normal

A Gaussian distribution defined by a zero mean and a one standard deviation.

Random Variable

A numerical variable influenced by the randomness of an event.

Standard Normal

A normal distribution with a mean of 0 and a standard deviation of 1, used in statistics to simplify calculations and analysis.