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:

Correlation Coefficient

Represented by r, it is a number between −1 and 1, inclusive, that is used to judge how closely a line fits the data.

Median

The middle value in a data set when the values are arranged in ascending or descending order.

Discretionary Expense

Non-essential spending or expenses that an individual chooses to make, which can be cut without impacting their ability to cover basic living costs.

Measures Of Central Tendency

Single numbers, such as the mean, median, and mode, designed to represent a “typical” value for the data.