The Long-Run Supply Curve for a Competitive Industry May Be

question 542

Multiple Choice

The long-run supply curve for a competitive industry may be upward sloping if

• A)there are barriers to entry.
• B)firms that enter the industry are able to do so at lower average total costs than the existing firms in the industry.
• C)some resources are available only in limited quantities.
• D)accounting profits are positive.

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Definitions:

Criminal Law

The body of law that relates to crime, prescribing conduct perceived as threatening, harmful, or otherwise endangering to the property, health, safety, and moral welfare of people.

Criminal Liability

The legal responsibility for a criminal offense, with the potential for penalties like incarceration.

Corporate President

A high-ranking executive in a corporation, often responsible for the overall management and day-to-day operations of the company.

Sanitary Conditions

The state of cleanliness and hygiene that prevents health hazards and ensures a safe environment for living or working.