A Decreasing-Cost Industry Has a Long-Run Supply Curve That Is

question 30

True/False

A decreasing-cost industry has a long-run supply curve that is upward sloping.

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Definitions:

Developing Economies

Economies characterized by low income, limited industrialization, and moderate to high population growth. These economies are in the process of experiencing significant structural changes and economic development.

Literacy Rates

The percentage of a population aged 15 and above that can read and write with understanding a short simple statement about their everyday life.

Free-Market Economies

Economic systems in which the prices for goods and services are determined by the open market and consumers, with minimal governmental intervention.

Property Rights

The legal rights to possess, use, and dispose of assets including real estate, personal property, and intellectual property.