When a Resource Used in the Production of a Good

question 174

True/False

When a resource used in the production of a good sold in a competitive market is available in only limited quantities, the long-run supply curve is likely to be upward sloping.

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Definitions:

Completely New Market

An entirely untapped or recently created market space that has not been served by existing products or services.

Early Adopters

Individuals or businesses who use or adopt new products, services, or technologies early in their life cycle, often influencing others in their purchasing decisions.

Opinion Leaders

Influential members of a community or group whose advice or example significantly influences others' attitudes or behaviors.

Diffusion of Innovation

The process by which a new idea, product, or behavior spreads through a population or social system over time.