Suppose That an Industry's Long-Run Supply Curve Is Downsloping

question 25

Multiple Choice

Suppose that an industry's long-run supply curve is downsloping. This suggests that

• A)it is an increasing-cost industry.
• B)relevant inputs have become more expensive as the industry has expanded.
• C)technology has become less efficient as a result of the industry's expansion.
• D)it is a decreasing-cost industry.

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Definitions:

Superhuman Abilities

Extraordinary powers or capabilities beyond what is normally possible for humans.

Compassion

A deep awareness of and sympathy for another's suffering, combined with a desire to alleviate that suffering.

Scientific Experiments

Controlled procedures carried out to investigate relationships between variables and observe the effects of manipulation of one variable on another.

Pain

An unpleasant sensory and emotional experience associated with actual or potential tissue damage, or described in terms of such damage.