If the costs of production do NOT change as output increases in the long run in a perfectly competitive industry, then this is a
A. constant-price industry.
B. constant-competitive industry.
C. constant-cost industry.
D. constant-return-to-scale industry.
Answer: C
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The birthrate in the United States decreased during the 1960s, and as a result
A) structural and frictional unemployment increased. B) cyclical unemployment declined. C) cyclical unemployment increased. D) the natural rate of unemployment declined.
In early 2008, the housing crisis and rising oil prices increased the risk of recession in the United States. What fiscal policy action was taken by Congress and the president to counter these events?
A) The Federal Reserve cut its target for the federal funds rate. B) There was an increase in government spending on defense and unemployment compensation. C) Taxpayers were given rebates on taxes they already paid. D) Income taxes were raised to reduce the federal budget deficit and reduce interest rates.