If Input Prices for a Perfectly Competitive Firm Increase as the Output

question 74

Multiple Choice

If input prices for a perfectly competitive firm increase as the output of the industry expands in the long run, the long-run industry supply curve will:

• A) have a constant slope.
• B) have a negative slope.
• C) be perfectly horizontal.
• D) have a positive slope.

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Definitions:

Conditioned Stimulus

A previously neutral stimulus that, after association with an unconditioned stimulus, triggers a conditioned response.

Electric Can Opener

A kitchen appliance designed to remove the lid from a metal can by using an electric motor to power a cutting mechanism.

Cat Food

Nutritional feed specifically formulated to meet the dietary requirements of cats.

Conditioned Stimulus

A formerly indifferent stimulus that, after association with an unconditioned stimulus, triggers a conditioned response over time.