The Resource Cost Falls in a Purely Competitive Industry

question 217

Multiple Choice

The resource cost falls in a purely competitive industry. This change will result in a(n)

• A)increase in marginal cost for firms in the industry and an increase in the industry supply curve.
• B)decrease in marginal cost for firms in the industry and a decrease in the industry supply curve.
• C)decrease in marginal cost for firms in the industry and an increase in the industry supply curve.
• D)increase in marginal cost at each output level for firms in the industry and an increase in the industry supply curve.

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Definitions:

Psychosexual Stage

A concept in Freudian psychology that describes phases of childhood development, each characterized by an erogenous zone that drives behavior.

Oral

Pertaining to the mouth; often used to describe medications or other substances that are taken by mouth.

Anal

Relating to the anus. In psychology, it often refers to Freud's anal stage of development, where focus on bowel control can influence personality traits.

Latent

Describes something that is present but not currently visible, active, or manifest, often referring to abilities, conditions, or infections.