Give Two Reasons Why the Long-Run Industry Supply Curve May

question 28

Essay

Give two reasons why the long-run industry supply curve may slope upward. Use an example to demonstrate your reasons.

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Definitions:

Exclusive Right

A legal provision granting someone the sole authority to sell, produce, or use a particular product or service.

Product Name

The title given to a merchandise or service to distinguish it from other offerings.

Trademark

A distinguishable symbol, pattern, or phrase that differentiates the goods or services of a specific origin from those of other sources.

Oligopolists

Firms or individuals that dominate a particular market, leading to a market structure known as oligopoly, where a few entities control the majority of market share.