The Short-Run Industry Supply Curve Slopes Up Because

question 266

Multiple Choice

The short-run industry supply curve slopes up because

• A) the firms eventually experience diseconomies of scale.
• B) the law of diminishing marginal product applies in the short run.
• C) wages increase as the industry increases output.
• D) the higher price is needed to get more firms to enter the industry.

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Definitions:

Sociocultural Perspective

An approach in psychology that examines how societal and cultural influences impact human behavior and mental processes.

Customs

Traditional practices or behaviors that are characteristic of a specific society, place, or time, often relating to the conduct of everyday life.

Beliefs

Cognitive representations about the world, oneself, or others, that are accepted by an individual as true or existing.

Evolutionary Psychology

A theoretical approach in the social and natural sciences that examines psychological structure from a modern evolutionary perspective.