When a Resource Used in the Production of a Good

question 174

True/False

When a resource used in the production of a good sold in a competitive market is available in only limited quantities, the long-run supply curve is likely to be upward sloping.

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Definitions:

Trichromatic Theory

A theory of color vision that proposes three types of color receptors in the eye, each sensitive to red, green, or blue.

Opponent-Process Theory

Theory stating that cells in the visual system respond to complementary pairs of red-green and blue-yellow colors; agiven cell might be excited by red and inhibited by green, whereas another cell might be excited by yellow and inhibited by blue

Afterimages

Visual illusions in which retinal impressions persist after the removal of a stimulus, often in complementary colors.

Trichromatic Theory

A theory in vision science that proposes the human eye has three types of receptors with differing sensitivities to different light wavelengths, corresponding to the colors red, green, and blue.