If the Long-Run Supply Curve in a Perfectly Competitive Industry

question 50

Multiple Choice

If the long-run supply curve in a perfectly competitive industry is upward sloping,this is because

• A) firms are different.
• B) firms are identical.
• C) input prices rise as the industry expands.
• D) Either A or C.

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Definitions:

Neuroticism

A personality trait characterized by anxiety, fear, moodiness, worry, envy, frustration, jealousy, and loneliness.

Extroversion

A personality trait characterized by sociability, talkativeness, assertiveness, and high levels of emotional expressiveness.

Openness

Openness, often referred to as openness to experience, is a personality trait characterized by a willingness to try new things, be creative, and think about abstract concepts.

Dependent Personality

A personality disorder characterized by a pervasive psychological dependence on other people, often leading to submissive and clinging behavior.