Which of the Following Statements Is True for a Long-Run

question 106

Multiple Choice

Which of the following statements is true for a long-run supply curve that slopes upward?

• A) If total market output is increased, unit costs of production increase.
• B) If total market output is unchanged, unit costs of production increase.
• C) The total cost of producing 15 units is no larger than the cost of producing 10 units.
• D) If total market output is decreased, total costs of production will remain unchanged.

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Definitions:

Functions

The roles or activities that are natural to or intended for an individual or thing.

Prevent

To stop something from happening or to hinder certain actions by taking proactive measures.

Stock

Shares representing ownership in a corporation, entitling the shareholder to a portion of the company’s profits and assets.

Testator

An individual who has made a will to dictate how their estate should be managed and distributed after their death.