In a Constant-Cost Industry, an Increase in Output That Increases

question 198

Multiple Choice

In a constant-cost industry, an increase in output that increases the demand for resources used by the industry

• A) is likely to result in higher prices for at least some resources.
• B) causes the firm's cost curves to shift downward.
• C) causes the demand curve for the industry to rise.
• D) is not likely to result in higher prices for resources.

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Definitions:

Economic Necessity

A situation where financial considerations compel a particular course of action, indicating that certain decisions are driven by economic rather than preferential factors.

Employment Opportunities

Available jobs or positions in the labor market that individuals can apply for in order to earn income.

Poverty Rate

The percentage of the population living below the national poverty line, indicating the proportion of individuals or families whose income falls short of the defined threshold for basic living costs.

Blue-collar Jobs

Occupations that typically involve manual labor or skilled trade tasks.