If Factor Prices Rise as Demand Increases and the Firms

question 54

Multiple Choice

If factor prices rise as demand increases and the firms expand output, the long-run market supply curve will be upward sloping. In terms of economics, this describes

• A) an oligopolistic industry.
• B) a constant cost industry.
• C) an increasing cost industry.
• D) a decreasing cost industry.

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Definitions:

Identity Achievement

A stage in Erikson's theory of identity development where an individual has explored various options and committed to a sense of self and direction.

Moratorium

A period of development in Erikson's theory of psychosocial development where adolescents explore various commitments without making final decisions.

Psychological Type

A classification of individuals according to their psychological characteristics, often based on Carl Jung's theory which includes introversion and extraversion.

Identity Achievement

A stage of self-identity development in which an individual has gone through an exploration of different identities and made a commitment to a particular one.