The Long-Run Supply Curve for a Increasing-Cost Industry Is Downward

question 161

True/False

The long-run supply curve for a increasing-cost industry is downward sloping.

---

Definitions:

Comparative Advantage

An economic theory that suggests that countries or entities gain and benefit from trading if they specialize in producing goods for which they have a lower opportunity cost.

Trade

The act of buying, selling, or exchanging goods and services between people or entities, within or across borders.

Willingness-To-Pay

The maximum amount that a consumer is prepared to pay for a good or service.

Technological Advances

The progress in technology that enhances productivity, efficiency, and quality in various industries.