If the Long-Run Market Supply Curve in a Perfectly Competitive

question 1

Multiple Choice

If the long-run market supply curve in a perfectly competitive industry is upward sloping, then the industry:

• A) is a constant-cost industry.
• B) is an increasing-cost industry.
• C) exhibits constant returns to scale.
• D) exhibits increasing returns to scale.
• E) is a decreasing-cost industry.

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Definitions:

Microscopic Concern

Focus on small-scale, individual or interpersonal aspects of social life, as opposed to larger-scale social structures or systems.

Psychological Components

Elements that pertain to mental processes and emotional states of individuals.

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refers to the process of distinguishing or creating differences between people, objects, or concepts, often leading to specialization or variation.

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Philosophical issues that deal with the fundamental nature of reality and being.