What Is the Shape of the Long-Run Supply Curve in a Decreasing-Cost

question 174

Multiple Choice

What is the shape of the long-run supply curve in a decreasing-cost industry?

• A) Horizontal
• B) Increasing
• C) Downward sloping
• D) Upward sloping

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Definitions:

Wagner Act

An important piece of labor legislation in the United States that established the rights of employees to organize, bargain collectively, and strike.

Labor Laws

Regulations governing the relationship between employers and employees, including rights, obligations, and working conditions.

Union Representation

The act of a labor union representing the interests of its members, including bargaining for better wages, benefits, and working conditions.

First-Line Supervisors

Managers who are directly responsible for overseeing the work of entry-level or non-managerial employees.