If a Particular Perfectly Competitive Industry Uses Only a Small

question 40

Multiple Choice

If a particular perfectly competitive industry uses only a small fraction of the supply of any of its inputs,the long run supply curve for that industry will tend to be:

• A) vertical.
• B) upward sloping.
• C) horizontal.
• D) downward sloping.

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Definitions:

Realpolitik

A political philosophy focused on practical and material factors and considerations, rather than moral or ideological objectives.

World Order

The conceptual framework concerning the distribution of power and authority among the world's states and other global actors, influencing international relations and stability.

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A moral or ethical guideline that emphasizes the importance of remorse and making amends for wrongful actions.

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