If an Industry Is a Constant-Cost Industry,_____

question 26

Multiple Choice

If an industry is a constant-cost industry,_____

• A)the prices of its inputs increase even when output remains constant.
• B)it uses the same amount of inputs even at higher levels of output.
• C)the prices of its inputs rise at a constant rate as it uses more inputs.
• D)the prices of its inputs remain the same as the number of firms increases.
• E)firms in the industry experience economies of scale throughout their scales of operation.

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Definitions:

Respondents

Individuals who answer questions in a survey or study.

F-ratios

Used in analysis of variance, it compares the variance between groups to the variance within groups, helping determine statistical significance.

Skewed

A distribution that is not symmetric about its mean, having more values on one side of the center than the other.

Variances

A measure of the dispersion indicating how much the numbers in a data set differ from the mean.