A Perfectly Elastic, Long-Run Market Supply Curve Is Most Likely

question 65

Multiple Choice

A perfectly elastic, long-run market supply curve is most likely to be achieved in

• A) a price-taker industry.
• B) a constant cost industry.
• C) an increasing cost industry.
• D) a price searcher industry.

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Definitions:

Triangulation

The use of more than one method or source to validate the findings and enhance the credibility of research or data.

Assessment Methods

Techniques and tools used to evaluate, measure, and document the knowledge, skills, attitudes, and beliefs of an individual or group.

Normal Distribution

A statistical distribution where most observations cluster around the central peak and the probabilities for values further away from the mean taper off equally in both directions.

Scores

Numerical expressions resulting from the evaluation or measurement of something, often used for comparisons or assessments.