If Factor Prices Rise as Demand Increases and the Firms

question 54

Multiple Choice

If factor prices rise as demand increases and the firms expand output, the long-run market supply curve will be upward sloping. In terms of economics, this describes

• A) an oligopolistic industry.
• B) a constant cost industry.
• C) an increasing cost industry.
• D) a decreasing cost industry.

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Definitions:

Physical Causes

Natural, biological, or material factors that directly influence the occurrence or development of a condition or event.

Hallucinations

Sensory experiences that appear real but are created by the mind, without external stimuli, and can affect all senses.

Binge-Eating Disorder

A condition in which a person overeats, or binges, on enormous amounts of food at one sitting, but unlike bulimia nervosa, the individual does not then purge or use other unhealthy methods to avoid weight gain.

Bulimia Nervosa

An eating disorder characterized by episodes of binge eating followed by behaviors to prevent weight gain, such as self-induced vomiting, excessive exercise, or the use of laxatives.