The Short-Run Supply Curve for a Purely Competitive Industry Can

question 90

Multiple Choice

The short-run supply curve for a purely competitive industry can be found by

• A)multiplying the AVC curve of the representative firm by the number of firms in the industry.
• B)adding horizontally the AVC curves of all firms.
• C)summing horizontally the segments of the MC curves lying above the AVC curve for all firms.
• D)adding horizontally the immediate market period supply curves of each firm.

---

Definitions:

Determinism

The philosophical doctrine that all events, including human action, are ultimately determined by causes external to the will.

Physical Cause

An ailment or condition that can be attributed to a tangible or biological factor rather than psychological influences.

Hereditarianism

The theory that genetic inheritance is a primary determinant of human traits including intelligence, personality, and behavior.

Free Will

Free will refers to the belief that humans have the power to make choices that aren't predicated solely by biology or external forces.