In Its Simplest Form, the Long-Run Market Supply Curve Is

question 57

Multiple Choice

In its simplest form, the long-run market supply curve is a(n) :

• A) horizontal line at the shut-down price.
• B) horizontal line at the price where accounting profits equal zero.
• C) vertical line at the quantity produced by the firm.
• D) upward-sloping line equal to the marginal cost curve.
• E) upward-sloping line equal to the marginal cost curve only above the minimum average variable cost (AVC).

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Definitions:

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Fluid G

Fluid G, or fluid intelligence, refers to the capacity to reason and solve new problems independently of previously acquired knowledge.

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