Which of the Following Helps to Classify an Industry's Market

question 1

Multiple Choice

Which of the following helps to classify an industry's market structure?

• A)the long-run equilibrium price
• B)the impact of industry expansion on input prices
• C)the existence of barriers to entry
• D)the shape of the short-run average total cost curve
• E)the existence of economic profit in the short run

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Definitions:

Sociological

Pertains to sociology, which is the study of social behavior, society, patterns of social relationships, social interaction, and culture.

Industrial Revolution

A period of major industrialization from the late 18th to early 19th century that transformed mainly agrarian, rural societies in Europe and America into industrialized, urban ones.

Social World

The sphere of human interaction and relationship, influenced by cultural, economical, and political structures.

Urbanization

The process by which cities grow and societies become more urban, typically involving the migration of people from rural to urban areas.