Assume That All of the Inputs Used in a Particular

question 141

Multiple Choice

Assume that all of the inputs used in a particular perfectly competitive industry can be increased without bidding up their prices.The long run supply curve for that industry will be:

• A) vertical.
• B) upward sloping.
• C) horizontal.
• D) downward sloping.

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Definitions:

Constructive Trust

A legal remedy imposed by a court to prevent unjust enrichment by transferring property from the person who unjustly benefits to the rightful owner.

Settlor

The individual who creates a trust by legally transferring assets into it, setting the terms for its management and distribution.

Revoke

To take back or withdraw an offer, right, or privilege.

Resulting Trust

A trust implied by law when property is transferred under circumstances suggesting the transferor does not intend the recipient to have beneficial interest in the property.