If an Industry's Long-Run Supply Curve Is Upward Sloping, the Industry

question 245

Multiple Choice

If an industry's long-run supply curve is upward sloping, the industry is characterized by:

• A) increasing cost.
• B) decreasing cost.
• C) constant cost.
• D) high overhead cost.

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Definitions:

Unemployment Insurance

A government program that provides financial assistance to eligible workers who lose their job through no fault of their own.

Animal Spirits

A term used to describe human emotions and psychological factors that drive consumer confidence and economic decision-making.

Real GDP

An inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year, expressed in base-year prices.

Investment

The process of distributing usually monetary resources with the goal of earning income or making a profit.