In a Constant Cost Industry, the Long Run Market Supply

question 37

True/False

In a constant cost industry, the long run market supply curve and the long run firm supply curve are both horizontal.

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Definitions:

Id

In Freud’s theory, a term for the most primitive reactions of human personality, consisting of blind striving for immediate biological satisfaction regardless of cost.

Superego

In Freud’s theory, reaction patterns that emerge from within the ego, represent the internalized rules of society, and come to control the ego by punishment with guilt.

Within-Family Differences

Variations or disparities in characteristics, traits, or behaviors among members of the same family.

Between-Family Differences

Variations in characteristics, behaviors, or conditions observed between different families.