If the Long-Run Industry Supply Curve in a Perfectly Competitive

question 136

Multiple Choice

If the long-run industry supply curve in a perfectly competitive market slopes upward, what will likely happen to input prices as industry output expands?

• A) Input prices will first increase and then decrease.
• B) Input prices will remain constant.
• C) Input prices will increase.
• D) Input prices will decrease.

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Definitions:

Trespass to Personal Property

An intentional interference with the personal property of another without consent or legal justification.

Conversion

The wrongful act of taking or using another's property without permission, effectively depriving them of its use.

Slander Per Se

Defamatory statements that are so obviously harmful that damages are assumed and do not need to be proven.

Libel Per Se

Defamatory statements made in written form that are inherently damaging to the reputation of the subject, without needing to prove actual harm.