If the Long-Run Supply Curve Is Upward Sloping, It Indicates

question 201

Multiple Choice

If the long-run supply curve is upward sloping, it indicates that resource prices fall when

• A)production in the industry decreases in the long run.
• B)production in the industry increases in the long run.
• C)new firms enter the industry.
• D)short-run profits in the industry are positive.

Recognize the importance of sound study habits and effective study strategies.

Understand the principles and practices of critical thinking.

Identify factors influencing academic performance and attendance.

Grasp effective strategies for taking different types of tests and improving academic skills.

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Definitions:

Joint Return Test

A requirement for certain tax benefits that mandates the taxpayer to file a joint tax return with their spouse.

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Specific criteria or standards applied to determine eligibility for tax benefits or to classify income and deductions.

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A filing status for unmarried individuals that determines the tax rate and deductions they are eligible for on their income tax return.

Taxable Income

The portion of an individual's or company's income used to determine how much tax is owed to the government.