Which of the Following Statements Is (Are) TRUE

question 110

Multiple Choice

Which of the following statements is (are) TRUE?
I. As market prices increase, industry output rises because individual firms have upward-sloping marginal cost curves.
II. As market prices increase, industry output rises because high-cost producers enter the industry.
III. As market prices increase, industry output rises because individual firms have upward-sloping short-run supply curves.

• A) I, II, and III
• B) II and III
• C) III
• D) II

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Definitions:

Autonomy

The right or condition of self-government, often within a larger organization or nation, allowing for a degree of independence in decision-making processes.

Antebellum Era

A period in the United States history before the Civil War, characterized by tensions over slavery and rapid territorial expansion.