The Vertical Sum of the Marginal Cost Curves (Above Minimum

question 159

True/False

The vertical sum of the marginal cost curves (above minimum AVC)of all the firms in an industry is the long-run industry supply curve.

---

Definitions:

Electrolytes

Substances that dissociate into ions in solution and acquire the capacity to conduct electricity.

Electrolytes

Substances that produce ions and conduct electricity when dissolved in water.

Not Electrolytes

Substances that do not dissociate into ions in solution and therefore cannot conduct electricity in their molten or aqueous states.

Non-electrolytes

Substances that do not produce ions when dissolved in water, and hence do not conduct electricity in solution.