The Short-Run Industry Supply Curve

question 278

Multiple Choice

The short-run industry supply curve:

• A)shows the total quantity supplied by all firms in an industry for each possible price when the number of producers is fixed.
• B)is drawn on the assumption that the number of firms in the industry doesn't increase,but it allows for a decrease in the number of firms due to bankrupt firms leaving the industry.
• C)is a meaningful concept only if all firms in the industry are identical.
• D)is of limited usefulness since it is not relevant when markets are perfectly competitive.

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Definitions:

Relative Acidities

A comparison of the acid strengths of different substances.

pKa

A quantitative measure of the strength of an acid in solution, being the negative log of the acid dissociation constant (Ka).

Tropylium Ion

A positively charged ion (cyclic cation) with the formula C7H7+, known for its aromatic stability.

Planar Molecule

A planar molecule is a molecule in which all atoms reside in the same geometric plane, often associated with molecules containing double bonds that lead to a flat molecular geometry.