When Some Resources Used in Production Are Only Available in Limited

question 80

Multiple Choice

When some resources used in production are only available in limited quantities,what is the likely shape of the long-run supply curve in a competitive market

• A)downward sloping
• B)upward sloping
• C)horizontal
• D)vertical

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Definitions:

Economic Depression

A long-term downturn in economic activity characterized by high unemployment, low consumer spending, and business failures.

Financial Capitals

Cities that serve as major hubs for financial services, banking, and investment, impacting global finance.

Population Increase

The growth in the number of individuals within a population, often attributed to factors like higher birth rates and lower mortality rates.

Birth Rate

The quantitative measure of the number of births in a given population, area, or period, usually expressed per 1000 individuals per year.