When Some Resources Used in Production Are Only Available in Limited

question 29

Multiple Choice

When some resources used in production are only available in limited quantities, it is likely that the long-run supply curve in a competitive market is

• A)downward sloping.
• B)upward sloping.
• C)horizontal.
• D)vertical.

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Definitions:

Push Strategy

A marketing strategy where businesses push their products to be seen by consumers, typically through distribution channels, to increase demand.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Cost Reduction

Strategic efforts by businesses to decrease expenses and improve efficiency, often to enhance profitability.

Supply Chain Management

Supply chain management encompasses the planning and management of all activities involved in sourcing, procurement, conversion, and logistics management to efficiently produce and distribute goods and services.