In a Decreasing Cost Industry,the

question 227

Multiple Choice

In a decreasing cost industry,the

• A)long-run supply curve is horizontal
• B)short-run supply curve slopes downward
• C)long-run demand curve slopes upward
• D)long-run supply curve slopes downward
• E)long-run supply curve slopes upward

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Definitions:

Jawaharlal Nehru

The first Prime Minister of India, serving from 1947 until 1964, and a central figure in Indian politics before and after independence.

Domino Theory

A Cold War-era belief that if one country fell to communism, neighboring countries would also succumb, one after another, like a row of falling dominoes.

Baby Boom

The significant increase in birth rates observed in various countries, particularly in the United States, following World War II, leading to substantial demographic changes.

Sloanism

A reference to Alfred P. Sloan's management style at General Motors, focusing on a decentralized organization and a strategy of offering a car "for every purse and purpose."