If, as a Perfectly Competitive Industry Expands, It Can Supply

question 254

Multiple Choice

If, as a perfectly competitive industry expands, it can supply larger quantities only at a higher long-run equilibrium price, it is

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

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Definitions:

Specific Knowledge

Specialized information, skills, or expertise that is particular to a specific job, task, industry, or field.

Types of Products

Various categories of goods or services available in the market, distinguished by characteristics, uses, or target consumers.

Geographical Sales Organization

A sales force structure where sales territories are divided and managed based on geographical regions to better meet local market needs.

Specialized Knowledge

Expertise or skills in a specific field or area, often requiring extensive training or experience.