If Resource Prices Rise and the Average Total Cost of Producing

question 172

Multiple Choice

If resource prices rise and the average total cost of producing a product increases as the firms in an industry expand output in response to an increase in demand, the long-run market supply curve for the product will

• A) be perfectly elastic (a horizontal line).
• B) be perfectly inelastic (a vertical line).
• C) slope upward to the right.
• D) be more inelastic than the short-run supply curve for the product.

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