If the costs of production do NOT change as output increases in the long run in a perfectly competitive industry, then this is a

Question

Quizplus · Accepted Answer

In a constant-cost industry, the costs of production do not change as output increases in the long run, allowing firms to easily expand without affecting the market price. This is because factors of production remain constant, and firms can easily acquire additional resources at the same price without any increase in costs. Therefore, the correct answer is option C: constant-cost industry.

If the Costs of Production Do NOT Change as Output