Which Statement Is Correct? the Long-Run Supply Curve for a Purely

question 75

Multiple Choice

Which statement is correct? The long-run supply curve for a purely competitive

• A) decreasing-cost industry will be upward-sloping.
• B) increasing-cost industry will be perfectly elastic.
• C) increasing-cost industry will be upward-sloping.
• D) increasing-cost industry will be less elastic than the short-run supply curve.

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Definitions:

Valid Assumptions

Assumptions that are logically justified and supported by evidence or sound reasoning.

Historical Data

Information from the past used for research, analysis, and planning by providing context or comparison for current conditions or forecasts.

Alternative Contingencies

Different or backup plans developed to address potential future events or circumstances that may impact objectives.

Uncertainty

The state of being unsure of something or the lack of predictability in potential outcomes.