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Oliver and Sri got into a heated argument at work. Oliver raised his fist and shook it at Sri, who then pushed Oliver. Oliver yelled, "I know you stole a hundred dollars from the cash register yesterday." The boss overhead the statement and fired Sri the next day. The boss also reported him to the police. The allegation of theft was not true, but Oliver was still angry and told the police it was, knowing that charges would be laid. Sri was charged with theft but acquitted. Which of the following is FALSE?
Supply Increase
A situation where the quantity of a good or service that is available to consumers rises.
Increasing-Cost Industry
An increasing-cost industry is one in which costs of production increase as the industry expands, often due to factors like limited resources or higher input prices.
Long-Run Supply Curve
A graphical representation showing quantities of goods a firm is willing and able to supply at different prices over a long period, assuming all inputs are variable.
Decreasing-Cost Industry
Industry whose long-run supply curve is downward sloping.
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