The Shape of the Long-Run Industry Supply Curve in a Perfectly

question 146

Multiple Choice

The shape of the long-run industry supply curve in a perfectly competitive industry is largely determined by:

• A) the shape of the short-run industry supply curve.
• B) the price of inputs as the industry expands.
• C) the price elasticity of market demand.
• D) the shape of the average fixed cost curve.

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Definitions:

Surgically

Involving or relating to surgery, which is the treatment of disorders or injuries by operative procedures.

Middle Ear

The section of the ear between the eardrum and the oval window that amplifies sound waves and transmits them to the inner ear.

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A tool with a heavy, typically metal head mounted at a right angle to a handle, used for breaking things apart or driving nails.

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A rare condition wherein an individual is born with an inability to feel physical pain.