Long-Run Market Supply Curves Are Upward Sloping If

question 122

Multiple Choice

Long-run market supply curves are upward sloping if

• A) firms are identical.
• B) the number of firms is restricted in the long run.
• C) input prices fall as the industry expands.
• D) All of the above.

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Definitions:

Worldwide Monopoly

A market structure in which a single company or entity has exclusive control over the production and sale of a product or service across the globe.

Tariff

A tax imposed by a government on imported or exported goods to regulate trade.

Quota

A trade limitation enforced by the government that restricts the quantity or financial value of products that may be exported or imported within a certain timeframe.

Revenues

Revenues represent the total income generated by a business from its primary activities, such as sales of goods or services, before any costs or expenses are deducted.