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:

Spontaneous Behavior

Actions that occur without being externally prompted, often seen as natural responses to internal or environmental stimuli.

Observer Bias

A form of cognitive bias that occurs when researchers' expectations influence their interpretation of the subjects' behaviors or outcomes of the study.

Biological Differences

Variations among organisms at the biological level, including genetic, hormonal, and physiological differences.

Sex

broadly refers to the biological characteristics that define humans as female or male, and can also relate to sexual activity.