An increasing-cost industry will have
A) a perfectly elastic long-run supply curve.
B) a perfectly inelastic long-run supply curve.
C) an upward sloping supply curve in the long run.
D) an upward sloping demand curve in the long run.
C
Economics
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In Figure 4.2, at quantities at Q1:
A. price and total revenue are unrelated. B. total revenue is maximized. C. price elasticity equals 1. D. All of these
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