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:

Discriminant Validity

The degree to which a concept or measurement is genuinely distinct from other concepts or measurements within the same model or study.

Researcher

A person who conducts systematic investigations into and study of materials and sources in order to establish facts and reach new conclusions.

Mode

The value that appears most frequently in a given set of data, commonly used in statistics to describe central tendency.

Median

The middle value in a set of data when arranged in ascending or descending order, or the average of the two middle values if the set has an even number of values.