In a Constant Cost Industry, Which of the Following Statements

question 10

Multiple Choice

In a constant cost industry, which of the following statements is true?

• A)The long run market supply curve and the long run firm supply curve are both horizontal.
• B)While the long run market supply curve is horizontal, the long run firm supply curve generally is upwards sloping.
• C)The long run market supply curve and the long run firm supply curve are both upwards sloping.
• D)While the long run market supply curve is upwards sloping, the long run firm supply curve is horizontal.

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Definitions:

Personnel Costs

Expenses related to employee compensation, including salaries, benefits, and taxes.

Family Medicine

A medical specialty devoted to comprehensive health care for people of all ages, emphasizing the family unit.

Information Technology

The use of computers, networks, and other electronic devices to store, process, and exchange electronic data and information.

Process Costing

An accounting methodology used for uniform and continuous production, assigning costs based on the process or stages goods go through.