Which of the Following Statements Is True for a Long-Run

question 110

Multiple Choice

Which of the following statements is true for a long-run supply curve that slopes upward?

• A)If total market output is increased, unit costs of production increase.
• B)If total market output is unchanged, unit costs of production increase.
• C)The total cost of producing 15 units is no larger than the cost of producing 10 units.
• D)If total market output is decreased, total costs of production will remain unchanged.

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Definitions:

Five-period Moving Average

A technique in time series analysis, calculating the average of a specific number of the most recent periods, in this case, five, to smoothen short-term fluctuations and highlight longer-term trends or cycles.

Relative Steady Growth

A consistent increase in the size or value of something over a period of time, often seen in economic or financial contexts.

Population

The entire group of individuals or instances about whom the data is collected for statistical analysis.

Five-period Moving Averages

A method to smooth out data by creating an average of five consecutive data points over a series of periods, often used in time series analysis.