Suppose That an Industry's Long-Run Supply Curve Is Downsloping

question 8

Multiple Choice

Suppose that an industry's long-run supply curve is downsloping.This suggests that

• A)it is an increasing-cost industry.
• B)relevant inputs have become more expensive as the industry has expanded.
• C)technology has become less efficient as a result of the industry's expansion.
• D)it is a decreasing-cost industry.

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Definitions:

Work Life

The aspect of a person's daily life that involves their professional or occupational activities, often balanced with personal life.

Lie

The act of communicating something that is not true, often with the intent to deceive.

Supply

The total amount of a product or service available for purchase at any given time and price in a market.

Prices

The amount of money expected, required, or given in payment for something.