If a Single Supplier Produces Such a Small Portion of the Total

question 3

Multiple Choice

If a single supplier produces such a small portion of the total market output that changes in its production have no impact on the overall market price,:

• A) the firm will eventually be forced out of business.
• B) demand for the firm's output is perfectly elastic.
• C) the firm's supply curve is perfectly inelastic.
• D) the market supply curve is horizontal.

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Definitions:

No-voltage Drop-out

A safety feature in electrical devices that causes them to automatically switch off in the event of a voltage reduction or loss, preventing damage or unsafe conditions.

Two-wire Control

A simplified control circuit configuration that uses two wires for operation, commonly applied in direct ON/OFF control scenarios.

Mechanically Held

Refers to devices or components held in position or operated by mechanical means rather than by electrical power or magnetism.

Electrician

A skilled tradesperson who installs, maintains, and repairs electrical systems and components.