An Industry's Long-Run Supply Curve Shows

question 158

Multiple Choice

An industry's long-run supply curve shows

• A)the relationship in the long run between market price and quantity supplied.
• B)how the government determines the price of the product.
• C)how average productivity is changing.
• D)greater than normal profit.

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Definitions:

Enumerated Powers

Specific powers granted to Congress as outlined in Article 1, Section 8 of the U.S. Constitution.

Congress

Congress is the bicameral legislature of the federal government in the United States, consisting of two houses: the Senate and the House of Representatives.

Concurrent Powers

Powers that are shared by both the federal and state governments in the United States.

Supremacy Clause

A clause in the U.S. Constitution declaring that federal law takes precedence over state law when the two are in conflict.