The Reason Why the Long-Run Supply Curve for a Purely

question 5

True/False

The reason why the long-run supply curve for a purely competitive industry may be upward-sloping is because of diminishing marginal returns.

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Definitions:

Theory

A theory is a well-substantiated explanation of some aspect of the natural world, based on a body of facts that have been repeatedly confirmed through observation and experiment.

Brain Evolved

The process by which the brain has developed and changed over millions of years through evolutionary pressures.

Years Ago

A non-specific term used to indicate a specific amount of time in the past from the current point.

Individual Variation

Differences in physical, behavioral, or physiological characteristics among members of the same species.