The Long-Run Supply Curve for a Competitive Industry

question 193

Multiple Choice

The long-run supply curve for a competitive industry

• A)may be horizontal if entry into the industry lowers average total cost.
• B)may be upward-sloping if higher-cost firms enter the industry.
• C)will be horizontal if there is free entry into the industry.
• D)will be upward-sloping if there are barriers to entry into the industry.

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Definitions:

Witness Recall

The process by which individuals remember and report details of events they have observed, particularly in legal contexts.

Bank Robbery

The illegal act of stealing money, assets, or other properties from a bank while it is open and with the intent to keep the property permanently.

Similarity

Similarity refers to the state of being alike or having attributes in common, often used to describe how people, objects, or concepts are comparable to each other.

Rehearsal Time

The duration of time spent practicing or mentally reviewing information to improve memory and recall.