If the Long-Run Supply Curve Is Upward Sloping, We Know

question 9

Multiple Choice

If the long-run supply curve is upward sloping, we know that

• A) entrepreneurs are earning higher profits as output expands.
• B) some input prices are increasing as the industry expands.
• C) firms are getting larger as the industry contracts.
• D) the law of diminishing marginal returns has set in.

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Definitions:

Locus of Control

Pertains to a person's convictions about the origins of their experiences and the elements they credit for their successes or failures.

Anti-Social Risk Takers

Individuals who engage in behaviors that disregard others’ well-being, often involving thrill-seeking or criminal activities.

Prosocial Risk Takers

Individuals who engage in behaviors that are risky but intended to help others, demonstrating a willingness to take risks for the benefit of society.

Internally-Oriented

A focus or emphasis on one's own thoughts, feelings, and internal psychological processes.