Which of the following statements is true for a long-run supply curve that slopes upward?
A)If total market output is increased, unit costs of production increase.
B)If total market output is unchanged, unit costs of production increase.
C)The total cost of producing 15 units is no larger than the cost of producing 10 units.
D)If total market output is decreased, total costs of production will remain unchanged.

Question

Quizplus · Accepted Answer

In the long run, an upward-sloping supply curve indicates that as total market output increases, unit costs of production increase due to factors like resource scarcity or increased input prices.

Which of the Following Statements Is True for a Long-Run