If All Existing Firms and All Potential Firms Have the Same

question 463

Multiple Choice

If all existing firms and all potential firms have the same cost curves, there are no inputs in limited quantities, and the market is characterized by free entry and exit, then the long-run market supply curve

• A)is horizontal and equal to the minimum of long-run marginal cost for each firm.
• B)must slope downward.
• C)must slope upward.
• D)is horizontal and equal to the minimum of long-run average cost for each firm.

Understand the duty of good faith imposed by the UCC in contract performance and enforcement.

Define and distinguish between different types of contracts such as implied, quasi, void, unenforceable, executed, unilateral, and bilateral contracts.

Identify and understand the basic elements of a contract including offer, consideration, and capacity.

Explain the concept of a void contract and know the conditions under which a contract becomes void.

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Definitions:

Terminals

End points for data transmission, or facilities where cargo containers and goods are transferred between different modes of transportation.

Travelers

Individuals who move between different geographic locations, for purposes ranging from leisure and tourism to business.

Takt Time

is the rate at which a finished product needs to be completed in order to meet customer demand, essentially setting the pace for production lines.