If the Long-Run Supply Curve in a Perfectly Competitive Industry

question 50

Multiple Choice

If the long-run supply curve in a perfectly competitive industry is upward sloping,this is because

• A) firms are different.
• B) firms are identical.
• C) input prices rise as the industry expands.
• D) Either A or C.

---

Definitions:

Price Support Program

Government interventions to maintain the market price of a commodity at a certain level to benefit producers.

Wheat Farmers

Individuals or entities engaged in the cultivation and production of wheat as a crop.

Government

The organized system of institutions, laws, and officials that establish and administer public policies and functions within a society.

Private Buyers

Private buyers are individuals or entities that purchase goods or services for personal use or investment, rather than for resale or manufacturing purposes.