An Increase in Fixed Cost Will, in the Long Run

question 27

Multiple Choice

An increase in fixed cost will, in the long run, alter the industry output of

• A)both a monopolist and a competitive industry.
• B)only a monopolist.
• C)only a competitive industry.
• D)neither a monopolist nor a competitive industry.

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Definitions:

Commercial Farming

The practice of farming with the intent to produce crops and livestock for sale in the market, often involving large-scale operations.

Knights Of Labor

A significant labor organization in the late 19th century in the United States that aimed to promote workers' rights and social reforms.

Sherman Anti-Trust Act

A landmark federal statute passed in 1890 aimed at promoting economic competition by prohibiting monopolies, trusts, and other practices that restricted commerce.