The Industry Represented by the Graph Above Where S₁ and S₂

question 26

Multiple Choice

The industry represented by the graph above where S₁ and S₂ are short-run supply curves,D₁ and D₂ are short-run demand curves,and LRS is the long-run supply curve can be said to be:

• A) a constant-cost industry.
• B) an average-cost industry.
• C) a decreasing-cost industry.
• D) an increasing-cost industry.

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Definitions:

Egalitarian

A principle or practice based on the belief that all people are equal and deserve equal rights and opportunities.

Eye Contact

The act of looking directly into another person's eyes, which can convey a range of emotions and intentions and is an important aspect of nonverbal communication.

Attitude

A learned predisposition to respond in a consistently favorable or unfavorable manner with respect to a given object.

Political Party

A political party is an organized group of people with similar political aims and opinions, seeking to influence public policy by getting its candidates elected to public office.