An Increasing-Cost Industry Is One in Which Per-Unit Cost Increases

question 16

True/False

An increasing-cost industry is one in which per-unit cost increases as output expands in the long run.

---

Definitions:

Prior Commitment

The psychological state or condition of being previously dedicated or bound to a particular belief, action, or course of behavior.

Group's Status

The relative standing or prestige of a group within a social or organizational context.

Unanimous

Complete agreement among all members or participants.

Asch Conformity Test

An experiment designed by Solomon Asch which demonstrates the power of conformity in groups, where individuals often agree with an incorrect majority opinion.