________ Is Represented in a Process Flow Chart When an Outgoing

question 27

Short Answer

________ is represented in a process flow chart when an outgoing arrow from one step splits into two or more arrows that lead to different boxes.

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Definitions:

Constant-cost Industry

An industry where input costs remain unchanged as industry output changes, leading to a flat supply curve.

Industry Supply

The total output of goods or services that producers in an industry are willing and able to sell at different price levels, during a certain time period.

Long-run Supply Curve

A graphical representation showing the relationship between market price and the amount of goods supplied by producers, considering all factors of production can be varied.

Competitive Industry

An industry with many firms competing against each other, with no single firm dominating the market.