Multiple Choice
A constant-cost industry is characterized by
A) an upward-sloping long-run supply curve.
B) a downward-sloping long-run supply curve.
C) a perfectly elastic long-run supply curve.
D) perfectly elastic short-run and long-run supply curves.
E) a perfectly elastic short-run supply curve and an upward-sloping long-run supply curve.
Correct Answer:
Verified
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