A Market Might Have an Upward-Sloping Long-Run Supply Curve If

question 445

Multiple Choice

A market might have an upward-sloping long-run supply curve if

• A)firms have different costs.
• B)consumers exercise market power over producers.
• C)all factors of production are essentially available in unlimited supply.
• D)the entry of new firms into the market has no effect on the cost structure of firms in the market.

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Definitions:

Industrial Accidents

Unforeseen events that occur in an industrial environment, causing injury to employees and damage to property, often due to unsafe conditions or practices.

Rock Springs

A location known for the Rock Springs Massacre, an 1885 riot against Chinese immigrant miners in Rock Springs, Wyoming, highlighting racial tensions in the American West.

Wyoming

A U.S. state known for its vast plains and Rocky Mountain ranges, became the first state to grant women the right to vote in 1869.

Race Riot

Refers to a public outbreak of violence between racial groups in a community, often reflecting underlying social tensions.