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.

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Definitions:

Field Diameter

The apparent size of an area visible through the microscope lens, often measured in millimeters or micrometers.

Millimeters

A unit of length in the metric system, equal to one thousandth of a meter.

Iris Diaphragm

A thin, adjustable circular structure in optical devices or the eye that controls the amount of light passing through by changing its size.

Condenser

A device used to condense a gas or vapor into a liquid.