The Long-Run Industry Supply Curve in a Decreasing-Cost, Perfectly Competitive

question 155

Multiple Choice

The long-run industry supply curve in a decreasing-cost, perfectly competitive industry is

• A) negatively sloped.
• B) perfectly elastic.
• C) positively sloped.
• D) perfectly inelastic.

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Definitions:

Demand Curve

Is a graphical representation showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.

Demand Curves

Graphical representations of the relationship between the price of a good or service and the quantity demanded by consumers at those prices.

Youthful Americans

Individuals in the United States who are considered to be in their youth, typically defined by a young age range.