When Some Resources Used in Production Are Only Available in Limited

question 93

Multiple Choice

When some resources used in production are only available in limited quantities, it is likely that the long-run supply curve in a competitive market is:

• A)upward-sloping
• B)vertical
• C)downward-sloping
• D)horizontal

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Definitions:

Chemistry

The science that deals with the properties, composition, and structure of substances, the transformations they undergo, and the energy released or absorbed during these processes.

Less-Developed Countries

Countries with low levels of industrialization, underdeveloped agricultural sectors, and lower standards of living and Human Development Index (HDI) scores compared to more developed countries.

Waste Resources

Materials that are not productively used and are discarded or are considered to be of no economic value.

Efficient

Efficient refers to achieving maximum productivity with minimum wasted effort or expense, often related to the smooth and effective operation of processes.