Suppose the Long-Run Supply Curve for a Good Is Upward-Sloping

question 459

Multiple Choice

Suppose the long-run supply curve for a good is upward-sloping. The upward slope could be explained by

• A)decreases in production costs resulting from more firms coming into the market.
• B)a breakdown of the "free entry and exit" feature of competition.
• C)a breakdown of the "price taking" feature of competition.
• D)the fact that a resource used in the production of the good is available only in limited quantities.

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Definitions:

Prosperous Workers

Employees who are not only financially successful but also experience job satisfaction and personal fulfillment in their roles.

ERG Theory

A theory that organizes human needs into the categories of existence, relatedness, and growth.

Existence

The state or fact of living or having objective reality.

Relatedness

The need to feel connected to others, being a fundamental aspect of human motivation.