An Upward-Sloping Long-Run Supply Curve Suggests That

question 11

Multiple Choice

An upward-sloping long-run supply curve suggests that:

• A)when quantity supplied increases, price drops
• B)the relationship between price and quantity supplied is inverse
• C)a change in demand will not change price
• D)this is an increasing-cost industry
• E)this is a decreasing-cost industry

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Definitions:

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A small, portable media player designed and sold by Apple Inc., part of the iPod line, known for its compact size and ability to play music and other media.

Animal

A living organism that feeds on organic matter, typically having specialized sense organs and nervous system, and capable of voluntary movement.

Genus

A term in classification denoting a category of organisms sharing common characteristics, ranking above species and below family.

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Objects used to make a room or building suitable for living or working in, such as chairs, tables, and beds.