The Long-Run Supply Curve Is

question 5

Multiple Choice

The long-run supply curve is

• A) a horizontal line for a constant-cost industry.
• B) upward sloping for a decreasing-cost industry.
• C) downward sloping for an increasing-cost industry.
• D) all of the above.

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Definitions:

Consumerism

The promotion of consumer interests and the emphasis on the acquisition of goods and services as a central aspect of society.

Culture Constraint

Limitations and boundaries on individual behavior and social practices imposed by cultural norms and values.

Rationalization

The process of making activities or tasks more efficient and systematic, often through the implementation of rules, regulations, and procedures.

McDonaldization

A term used to describe the process by which the principles of the fast-food industry, such as efficiency and uniformity, are coming to dominate other sectors of society.