One Reason Why the Long-Run Supply Curve May Slope Upward

question 124

Multiple Choice

One reason why the long-run supply curve may slope upward in a competitive market is that

• A) firms can exit the industry easily.
• B) firms can enter the industry easily.
• C) there are many buyers and many sellers.
• D) some resources necessary to produce the product may be available only in limited supplies.
• E) some resources necessary to produce the product are not limited.

---

Definitions:

Milgram Experiment

A series of social psychology experiments conducted by Stanley Milgram, which measured the willingness of participants to obey an authority figure who instructed them to perform acts conflicting with their personal conscience.

Democratic Societies

Societies where government is based on the principle of elected individuals representing the population, typically ensuring that citizens have certain rights and freedoms.

Social Inequality

The presence of imbalanced chances and benefits for various social roles or statuses within a community or society.

Horticultural Society

A society primarily engaged in the cultivation of plants, fruits, and vegetables for their sustenance, typically using hand tools and simple techniques.