MCQOPTIONS
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| 1. |
If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be ? |
| A. | perfectly inelastic |
| B. | perfectly elastic |
| C. | upward sloping |
| D. | downward sloping |
| Answer» D. downward sloping | |