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:

Reference Column

A column in ledgers or journals used to cross-reference or track specific transactions.

General Journal

A comprehensive accounting ledger that records all financial transactions of a company in chronological order before they are transferred to specific accounts.

General Ledger

A collection of a company's financial accounts, where transactions are recorded in separate accounts to maintain a comprehensive financial record.

Explanation Column

A column in accounting ledgers or financial reports where details are provided to explain the nature or reason for a transaction.