When Long-Run Industry Supply Has a Negative Slope

question 23

Multiple Choice

When long-run industry supply has a negative slope,

• A)firms experience the law of decreasing costs.
• B)short-run industry supply is also negatively sloped.
• C)marginal product is negative.
• D)we have a phenomenon that cannot occur.
• E)industry expansion makes cost savings possible.

---

Definitions:

Oceanic Crust

The relatively thin part of the Earth's crust that underlies the ocean basins, composed mostly of basalt and gab-bro.

Feedback

Information provided regarding aspects of one's performance or understanding, which can be used as a basis for improvement.

Concurrent Control

The process of monitoring and adjusting ongoing activities and operations to ensure that goals are met efficiently and effectively.

Feedforward

A control mechanism designed to anticipate and prevent potential problems before they occur, rather than reacting to them afterward.