If the Costs of Production Do Not Increase as Output

question 176

Multiple Choice

If the costs of production do not increase as output increases in the long run in a perfectly competitive industry, then this is a

• A) constant-return-to-scale industry.
• B) constant-competitive industry.
• C) constant-cost industry.
• D) constant-price industry.

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Definitions:

Oceanic Transform Plate Boundary

This is a type of plate boundary where two tectonic plates slide past each other horizontally, often causing earthquakes.

Mid-Ocean Ridge

An underwater mountain range, formed by plate tectonics, that encircles the globe.

Oceanic Trench

Deep and narrow depressions in the ocean floor, formed by the subduction of one tectonic plate under another.

Mountain Belt

A series of mountain ranges connected over a large area, formed through processes like tectonic plate collision and volcanic activity.