The Long-Run Industry Supply Curve in a Decreasing-Cost, Perfectly Competitive

question 155

Multiple Choice

The long-run industry supply curve in a decreasing-cost, perfectly competitive industry is

• A) negatively sloped.
• B) perfectly elastic.
• C) positively sloped.
• D) perfectly inelastic.

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Definitions:

Rank

A position within a hierarchy that indicates relative status or authority within a group, organization, or social structure.

Doing Gender

The concept that gender is not a fixed identity but rather an ongoing activity or performance that people engage in through their daily actions and interactions according to societal norms.

Practical Accomplishment

The successful completion of tasks or objectives through practical skills and actions.

Alienating System

A social or economic system that causes individuals to feel isolated, powerless, or disconnected from others and their environment.