Suppose losses cause industry X to contract and, as a result, the prices of relevant inputs decline.Industry X is
A) a constant-cost industry.
B) a decreasing-cost industry.
C) an increasing-cost industry.
D) encountering X-inefficiency.
Correct Answer:
Verified
Q24: Purely competitive industry X has constant costs
Q25: When a purely competitive firm is in
Q26: When LCD televisions first came on the
Q27: In a decreasing-cost industry,
A)there will be no
Q28: Suppose an increase in product demand occurs
Q30: Suppose that an industry's long-run supply curve
Q31: A purely competitive firm is precluded from
Q33: Allocative efficiency is achieved when the production
Q34: An increasing-cost industry is the result of
A)higher
Q59: Resources are efficiently allocated when production occurs
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents