If the Long-Run Supply Curve Slopes Upward, We Know That

question 6

Multiple Choice

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

• A) a decreasing-cost industry.
• B) a constant-cost industry.
• C) an increasing-cost industry.
• D) a situation in which no input prices change as firms enter and exit the industry.

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Definitions:

Manufacturer

An individual or company that makes goods or products from raw materials by using various forms of labor, machinery, and equipment.

Safe Product

A product that has been designed and manufactured to minimize any risks of harm or injury to users.

UCC

Short for the Uniform Commercial Code, it is a comprehensive set of laws governing all commercial transactions in the United States.

Express and Implied Warranty

Guarantees that a seller makes about the condition, functionality, or performance of goods or services; express warranty being explicitly stated and implied warranty being presumed by law.