In a Perfectly Competitive Market, the Horizontal Sum of All

question 134

Multiple Choice

In a perfectly competitive market, the horizontal sum of all the individual firms' supply curves is

• A)zero.
• B)equal to the industry profits.
• C)the market supply curve.
• D)a horizontal line.

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Definitions:

Statute of Frauds

A legal principle requiring certain contracts to be in writing and signed in order to be enforceable.

Enforceable

Capable of being implemented or compelled to act in accordance with laws, rules, or agreements.

Lease

A contractual agreement by which one party conveys property, services, or land to another for a specified time, usually in return for a periodic payment.

Domestic Relationships

Interpersonal relationships that are characterized by a significant degree of personal intimacy or commitment, including family relationships and cohabitation.