The Short-Run Supply Curve for a Competitive Industry

question 3

Multiple Choice

The short-run supply curve for a competitive industry:

• A)is subject to the law of diminishing returns.
• B)is the industry's marginal cost curve.
• C)coincides with the marginal revenue curve.
• D)is horizontal because there are many buyers and sellers.

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Definitions:

Potential Customers

Individuals or organizations likely to be interested in a company's product or service, considered probable prospects for sales.

Independent Variable

A variable that is manipulated or controlled in an experiment to test its effect on a dependent variable.

Disciplining Strategy

An approach or method applied in various contexts, including parenting and education, to correct or guide behavior towards desired outcomes.

Logic And Reason

The process of using systematic principles to come to conclusions that are free from bias or inconsistency.