In a Constant Cost Industry

question 78

Multiple Choice

In a constant cost industry,

• A) a natural monopoly is likely to occur.
• B) total cost is the same, no matter how much a firm produces.
• C) the long-run supply curve will be perfectly elastic.
• D) entry of new firms in the industry will lead to a reduction in the cost of inputs.

Comprehend the significance of audience analysis in effective written communication.

Discern between various written communication formats (emails, letters, memos) and their applications.

Understand the role of revision in the writing process.

Recognize the importance of formatting and the physical presentation of writing.

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Definitions:

Proportion

A statistical measure that represents the fraction of the total number of objects in a particular category relative to the total number of objects in all categories.

Observational Study

A type of study where researchers observe subjects in their natural environment without manipulating variables.

Survey

A research method used for collecting data from a predefined group of respondents to gain information and insights on various topics of interest.

Experiment

A scientific procedure undertaken to test a hypothesis, involving manipulation of one or more variables to measure their effect on certain outcomes.