If the Costs of Production Do NOT Change as Output

question 376

Multiple Choice

If the costs of production do NOT change 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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The act of replacing one element or factor with another, often in economic, mathematical, or chemical contexts.

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