If the Long-Run Supply Curve in a Perfectly Competitive Industry

question 50

Multiple Choice

If the long-run supply curve in a perfectly competitive industry is upward sloping,this is because

• A) firms are different.
• B) firms are identical.
• C) input prices rise as the industry expands.
• D) Either A or C.

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Definitions:

Classical

Often referring to classical conditioning, a learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus.

Family Resemblance

The concept of how members of a category share certain characteristics, though there may be no single characteristic common to all.

Mental Representation

Internal, mental symbols, concepts or ideas that stand in for objects, actions, or conditions in the external world, facilitating cognitive processes.

Concept

A mental representation of a category.