The Long-Run Supply Curve Would Be Upward Sloping If

question 30

Multiple Choice

The long-run supply curve would be upward sloping if

• A)resource prices fall as industry production contracts.
• B)resource prices rise as industry production contracts.
• C)resource prices are not affected by changes in industry output-level.
• D)resource prices are set by the government.

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Definitions:

Semiannual Payments

Payments that are made twice a year, commonly found in the context of bonds or loan agreements.