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:

Large

Of considerable or relatively great size, extent, or capacity.

Process

A sequence of measures or procedures implemented to reach a specific goal.

Divisions

In biology, refers to the process by which a cell divides into two or more cells; in general, can also mean the act of separating something into parts.

Normal Number

In mathematics, a number that has a specific, expected, or typical value within a given context; not widely used to describe a single concept.