If Firms in a Competitive Market Are NOT Identical, Then

question 52

Multiple Choice

If firms in a competitive market are NOT identical, then the long-run market supply curve will be

• A)horizontal.
• B)upward sloping.
• C)downward sloping.
• D)undetermined.

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Definitions:

Banking

The business conducted or services offered by a bank, including deposits, loans, and currency exchange.

Interest Rate

The ratio of a loan that represents interest expenses to the borrower, typically articulated as an annual percentage of the loan yet to be repaid.

Selling Price

The price at which an item or service is sold to buyers.

Face Value

The nominal or stated value of a security or coin, as printed or stamped on the face of it, and not necessarily its market value.