If a Perfectly Competitive Industry Uses Only a Small Share

question 12

Multiple Choice

If a perfectly competitive industry uses only a small share of the available inputs in a resource market, then the long-run market supply curve for the industry will most likely be:

• A)vertical.
• B)horizontal.
• C)upward sloping.
• D)downward sloping.
• E)concave to the horizontal axis.

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Definitions:

Depression

A psychological health challenge defined by a permanent down mood or indifference to undertakings, greatly affecting daily performance.

Cognitive Therapy

A form of psychotherapy that focuses on changing negative thought patterns to improve behavior and emotions.

Systematic Desensitization

A behavioral therapy technique used to reduce irrational fears and anxiety through gradual exposure to the feared object or situation paired with relaxation exercises.

Client-centred Therapy

A psychotherapeutic approach developed by Carl Rogers that emphasizes providing a supportive emotional environment where clients can lead their own process of healing.