If a perfectly competitive industry's long-run supply curve is downward sloping, we can conclude that input prices will:
a. increase as industry output increases.
b. decrease as industry output increases.
c. remain constant as industry output increases.
d. none of these conclusions can be drawn.
b
Economics
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Which one of the following is least likely to be considered a public good?
a. An interstate highway b. A national park c. Wildlife d. A river e. A golf course
Economics
The aggregate supply curve illustrates that the
A) higher the price level, the greater the quantity of real GDP supplied. B) higher the price level, the smaller the quantity of real GDP supplied. C) aggregate demand curve is not needed to determine the aggregate price level. D) price level does not affect the quantity of real GDP supplied. E) amount of potential GDP increases when the price level rises.
Economics