Suppose the Long-Run Supply Curve for a Good Is Upward-Sloping

question 459

Multiple Choice

Suppose the long-run supply curve for a good is upward-sloping. The upward slope could be explained by

• A)decreases in production costs resulting from more firms coming into the market.
• B)a breakdown of the "free entry and exit" feature of competition.
• C)a breakdown of the "price taking" feature of competition.
• D)the fact that a resource used in the production of the good is available only in limited quantities.

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Definitions:

Service Sector

The segment of the economy that provides services rather than producing goods, including industries such as retail, hospitality, finance, and education.

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Various groups of individuals living together under a shared system of politics, economy, and culture, each with unique characteristics and social norms.

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The distinct phases in an individual's life characterized by specific physical, psychological, and social changes related to aging.

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Forms of government or rule in which the power is held primarily by the elderly or older members of society.