According to the law of supply, price and quantity supplied are inversely related, ceteris paribus

What is adverse selection?

A) It refers to the situation in which one party to a transaction takes advantage of knowing more than the other party to the transaction. B) It refers to the actions people take after they have entered into a transaction that make the other party to the transaction worse off. C) It refers to the private, self-interested actions people that people pursue, which when taken collectively leads to a loss in economic surplus. D) It refers to the actions people take before they enter into a transaction so as to mislead the other party to the transaction.

A perfectly competitive industry must have a perfectly elastic long-run supply curve

a. True b. False Indicate whether the statement is true or false