If Resource Prices Rise and the Per-Unit Cost of Producing

question 4

Multiple Choice

If resource prices rise and the per-unit cost of producing a product increases as the firms in an industry expand output in response to an increase in demand, the long-run market supply curve for the product will

• A) be perfectly elastic (a horizontal line).
• B) be perfectly inelastic (a vertical line).
• C) slope upward to the right.
• D) be more inelastic than the short-run supply curve for the product.

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Definitions:

John D. Rockefeller

An American industrialist and philanthropist who played a pivotal role in the establishment and growth of the oil industry.

Settlement House Movement

A social reform movement that began in the late 19th and early 20th centuries, aimed at improving the lives of the poor by establishing community centers in urban areas.

Hull House

A settlement house founded by Jane Addams and Ellen Gates Starr in 1889 in Chicago, aimed at improving social and living conditions for immigrants and the poor.

Denis Kearney

An Irish-American immigrant known for his role in the late 19th century as a labor leader in California, advocating against Chinese immigration.