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.
d
Economics
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Technological change moves the economy upward along the existing production function, thereby increasing productivity and living standards
a. True b. False
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A profit-maximizing firm in a competitive market will decrease production when marginal cost exceeds average revenue
a. True b. False Indicate whether the statement is true or false
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