The Long-Run Supply Curve for a Constant-Cost Perfectly Competitive Industry

question 7

Multiple Choice

The long-run supply curve for a constant-cost perfectly competitive industry is _____

• A)a ray from the origin at a 45-degree angle.
• B)perfectly inelastic.
• C)relatively inelastic.
• D)perfectly elastic.
• E)downward sloping.

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Definitions:

Material Representations

Statements or assertions of fact that significantly influence the decision-making of another party in a legal agreement.

Innocent Misrepresentations

False statements made without fault regarding a material fact that induce someone into a contract.

Punitive Damages

are monetary compensations awarded in a lawsuit as a punishment to the defendant and to deter future similar acts.

Fraud

A deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.