When some resources used in production are only available in limited quantities, it is likely that the long-run supply curve in a competitive market is:

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Quizplus · Accepted Answer

When resources used in production are limited in quantity, it implies that as production increases, the cost of obtaining these scarce resources will likely increase. This leads to an upward-sloping long-run supply curve in a competitive market, as producers will require higher prices to cover the increased costs of production.

When Some Resources Used in Production Are Only Available in Limited