If a Perfectly Competitive Industry Uses Only a Small Share

question 176

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)none of the above.

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Definitions:

Lobotomy

A surgical procedure that involves severing connections in the brain's prefrontal lobe.

Nobel Prize

A set of international awards given annually in several categories including Physics, Chemistry, Medicine, Literature, Peace, and Economic Sciences, recognizing significant contributions.

Moniz

António Egas Moniz, a Portuguese neurologist who is credited with developing the technique of prefrontal leucotomy, for which he shared the Nobel Prize in Physiology or Medicine in 1949.

Psychosurgery

A type of brain surgery used to alter mental state and behavior, historically including procedures like lobotomy.