A Constant-Cost Industry Is One in Which

question 375

Multiple Choice

A constant-cost industry is one in which

• A) output increases lead to productivity gains.
• B) the marginal product of labor is constant.
• C) there is no change in long-run per-unit costs, even as output varies.
• D) each firm has a horizontal long-run average cost curve.

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Definitions:

Contributory Negligence

A defense in personal injury lawsuits where the plaintiff's own negligence played a role in causing their injuries, potentially reducing or eliminating their compensation.

Complete Defense

A legal defense that, if proven, absolves the defendant of all liability in a lawsuit.

Comparative Negligence

A theory in tort law under which the liability for injuries resulting from negligent acts is shared by all persons who were guilty of negligence, including the injured party, on the basis of each person’s proportionate carelessness.

"50 Percent" Rule

A principle in insurance, especially in regards to total loss claims, stipulating that if the cost of repairing an item exceeds 50% of its value, it is considered a total loss.