Multiple Choice
Which of the following is true regarding a long-run industry supply curve that is upward sloping?
A) Average costs of production are unchanged when industry output increases.
B) Average costs of production increase when industry output is increased.
C) Average cost of production decrease when industry output is increased.
D) All of the above could be true depending on the market situation.
Correct Answer:
Verified
Correct Answer:
Verified
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