If, as a Perfectly Competitive Industry Expands, It Can Supply

question 107

Multiple Choice

If, as a perfectly competitive industry expands, it can supply larger quantities at the same long-run market price, it is

• A)a constant-cost industry.
• B)an increasing-cost industry.
• C)a decreasing-cost industry.
• D)a fixed-cost industry.

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Definitions:

Attachment

The act of taking a person’s property and bringing it into the custody of law.

UPA

Uniform Partnership Act, which is legislation adopted by several states to provide a standard for the governance of business partnerships, including the rights and duties of partners.

Economic Interest

A financial stake or involvement in an enterprise or transaction that has the potential to affect an individual's or entity's wealth.

Surplus

Funds that remain after a partnership has been dissolved and all other debts and prior obligations have been settled.