Refer to the information provided in Figure 9.7 below to answer the question(s) that follow. Figure 9.7
-Refer to Figure 9.7. The type of industry depicted in this situation is
A) an increasing-cost industry.
B) a decreasing-cost industry.
C) a constant-cost industry.
D) impossible to determine from this information.

Question

Refer to the information provided in Figure 9.7 below to answer the question(s) that follow.  Figure 9.7
-Refer to Figure 9.7. The type of industry depicted in this situation is
A) an increasing-cost industry. 
B) a decreasing-cost industry. 
C) a constant-cost industry. 
D) impossible to determine from this information.

Quizplus · Accepted Answer

In an increasing-cost industry, as the industry expands, the costs of production for firms within the industry also increase. This can be due to factors such as rising input prices as demand for inputs increases, or the depletion of easily accessible resources, making production more expensive.

Refer to the Information Provided in Figure 9