A Constant-Cost Industry Will Have

question 318

Multiple Choice

A constant-cost industry will have

• A) a perfectly elastic long-run supply curve.
• B) a perfectly inelastic long-run supply curve.
• C) an upward sloping demand curve in the long run.
• D) an upward sloping supply curve in the long run.

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Definitions:

Peer Pressure

The influence exerted by a peer group, encouraging individuals to change their attitudes, values, or behaviors to conform to group norms.

Teaching Children

The process of imparting knowledge, skills, and social norms to young individuals to facilitate their growth and development.

Loyalty

A strong feeling of support or allegiance, often displayed towards a group, product, or cause.

Norms

Shared rules or guidelines that dictate expected behavior and social practices within a group or society, often unwritten and learned through social interaction.