If a Perfectly Competitive Industry Uses a Large Proportion of the Available

question 95

Multiple Choice

If a perfectly competitive industry uses a large proportion of the available inputs in a resource market,then the long-run market supply curve for the industry will most likely be:

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

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Definitions:

Unearned Revenues

Income received by a company for goods or services that have yet to be delivered or performed.

Source Documents

Original records that provide evidence and details of business transactions, such as receipts and invoices.

Debit

A financial record that elevates an asset or expense account, or lessens a liability or equity account.

Double-entry Accounting

An accounting method where every financial transaction results in equal and opposite effects in at least two different accounts.