A Constant-Cost Industry Is One in Which

question 18

Multiple Choice

A constant-cost industry is one in which:

• A) input prices do not change over time.
• B) technology does not change over time.
• C) input prices and technology do not change as firms enter or exit the industry.
• D) input prices and technology do not change over time.
• E) firms have reached the maturity phase of the industry's life cycle.

---

Definitions:

Living Sculpture

Artistic works that include living organisms, such as plants or even animals, as part of their composition, blurring the lines between art and life.

National Endowment

The collective wealth, assets, or resources that a country possesses, which can contribute to its economic development and welfare.

Labor Costs

The total expenditure incurred by employers for the compensation of employees, including wages, benefits, and taxes.

Production Function

An equation or model that describes the relationship between inputs used in production and the output of goods or services.