An Industry's Long-Run Supply Curve Shows

question 158

Multiple Choice

An industry's long-run supply curve shows

• A)the relationship in the long run between market price and quantity supplied.
• B)how the government determines the price of the product.
• C)how average productivity is changing.
• D)greater than normal profit.

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Definitions:

Overconfidence

A cognitive bias characterized by an individual's overestimation of their own abilities, performance, or level of control.

Overconfidence

A cognitive bias wherein a person's subjective confidence in their judgements is reliably greater than their objective accuracy.

Offered A Job

The act of being presented with an opportunity for employment by an individual or organization.

Far Away

At, to, or from a great distance in space or time, often implying a place difficult to reach or a time long passed.