Long-Run Market Supply Curves Are Upward Sloping If

question 14

Multiple Choice

Long-run market supply curves are upward sloping if

• A)firms are identical.
• B)the number of firms is unrestricted in the long run.
• C)input prices rise as the industry expands.
• D)All of the above.

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Definitions:

Progressive Tax

A taxation system where the tax rate increases as the taxable amount (income or profits) increases, placing a larger financial responsibility on wealthier individuals.

Human-Capital

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Social-Capital

The interconnected web of interactions among individuals residing and operating within a specific community, facilitating the smooth functioning of that society.

Income Inequality

The uneven distribution of income within a population, leading to financial disparity among its members.