Primary Industries Are Generally Characterized By

question 5

Multiple Choice

Primary industries are generally characterized by:

• A)long-run average cost curves that become positively sloped at relatively low levels of output
• B)production techniques using a high degree of specialization
• C)decreasing average costs as production rises
• D)assembly-line techniques
• E)a significant range of production with constant returns to scale

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a certain period of time.

Equilibrium Price

The market price at which the quantity of a good or service demanded equals the quantity supplied, leading to market stability.

Gasoline

A liquid fuel derived from petroleum, primarily used to power internal combustion engines.

Demand

The desire and ability of consumers to purchase goods or services at a given price, representing the quantity of a product that people are willing and able to buy.