Which of the Following Statements Is True for a Long-Run

question 172

Multiple Choice

Which of the following statements is true for a long-run supply curve that slopes upward?

• A)If total market output is increased, unit costs of production increase.
• B)If total market output is unchanged, unit costs of production increase.
• C)The total cost of producing 15 units is no larger than the cost of producing 10 units.
• D)If total market output is decreased, total costs of production will remain unchanged.

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Definitions:

Intoxicated

denotes a state of being impaired, usually by alcohol or drugs, affecting cognitive and physical abilities.

Substantive Unconscionability

Unconscionability that derives from contract terms that are so one-sided, unjust, or overly harsh that the contract should not be enforced.

Unconscionable

Describes terms or agreements that are so unfair to one party that no reasonable or informed person would agree to them.

Life Insurance

A contract between an insurer and a policyholder that pays a designated beneficiary a sum of money upon the death of the insured person.