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.

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Definitions:

Multifactor Productivity

A measure of productivity that considers the output generated relative to multiple inputs used, like labor, capital, and materials.

Labour Hours

The total number of hours worked by all employees in a given period, often used to measure workforce productivity.

Labour Productivity

a measure of economic performance that calculates the amount of goods and services produced per hour worked by employees.

Multifactor Productivity

An indicator of economic efficiency that assesses the ratio of total goods and services output to the sum of inputs employed in their production.