The Long-Run Supply Curve Is Downward Sloping in A(n)

question 16

Multiple Choice

The long-run supply curve is downward sloping in a(n)

• A)decreasing-cost industry
• B)increasing-cost industry
• C)constant-cost industry
• D)labor-intensive industry
• E)capital-intensive industry

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Definitions:

Accounts Written Off

This refers to the process where businesses remove uncollectible accounts receivable from their accounting records because payment is no longer expected.

Note Dishonored

A promissory note that has not been paid by the issuer at maturity.

Allowance for Doubtful Accounts

An accounting provision made for accounts receivable that might not be collected, representing a business's estimate of noncollectable amounts.

Accounts Receivable

Accounts receivable represents money owed to a company by its customers for goods or services provided on credit.