The Short-Run Supply Curve Is _______________ and the Long-Run Supply

question 58

Multiple Choice

The short-run supply curve is _______________ and the long-run supply curve is _______________ in a perfectly competitive market in which all firms have identical cost structures.

• A) upward sloping; upward sloping
• B) upward sloping; perfectly elastic
• C) perfectly elastic; upward sloping
• D) downward sloping; upward sloping

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Definitions:

Internal Competition

Describes a situation within an organization where employees or departments compete against each other for recognition, promotion, or rewards, which can either be motivating or destructive.

Differentiation Strategy

A business approach where a company develops unique products or services to stand out from its competitors, targeting specific market niches.

Distinctive

Characterized by a unique feature, quality, or characteristic that sets it apart from others.

Environmental Factors

External elements including climate, geography, and human influences that affect individuals and societies.