Which of the Following Statements Is Correct

question 167

Multiple Choice

Which of the following statements is correct?

• A)The long-run supply curve for a purely competitive increasing-cost industry will be upsloping.
• B)The long-run supply curve for a purely competitive increasing-cost industry will be perfectly elastic.
• C)The long-run supply curve for a purely competitive industry will be less elastic than the industry's short-run supply curve.
• D)The long-run supply curve for a purely competitive decreasing-cost industry will be upsloping.

---

Definitions:

Gross Domestic Product

The total value of all goods and services produced within a country in a specific time period, a measure of economic performance.

Economic Outputs

The total value of all goods and services produced by an economy over a specific period of time.

Gross Domestic Product

The total value of all goods and services produced within a country over a specific time period.

Human Development Index

A composite statistic of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development.