Asked by
Katelyn Miley
on Oct 08, 2024
Verified
If the long-run supply curve of a purely competitive industry slopes upward,this implies that the prices of relevant resources:
A) will fall as the industry expands.
B) are constant as the industry expands.
C) rise as the industry contracts.
D) rise as the industry expands.
Long-run Supply Curve
A graphical representation showing the relationship between market price and the amount of goods supplied by producers, considering all factors of production can be varied.
Competitive Industry
An industry with many firms competing against each other, with no single firm dominating the market.
Relevant Resources
Resources that are directly applicable and valuable in achieving a specific goal or solving a particular problem.
- Determine the features and consequences related to various industry configurations, such as constant-cost, increasing-cost, and decreasing-cost industries.
- Determine the elements causing alterations in the cost framework of various sectors and their effect on pricing and production levels.
Verified Answer
AN
Learning Objectives
- Determine the features and consequences related to various industry configurations, such as constant-cost, increasing-cost, and decreasing-cost industries.
- Determine the elements causing alterations in the cost framework of various sectors and their effect on pricing and production levels.