As a firm attempts to expand production, it must ___________ he wage it pays to attract additional help. This leads to __________ costs, making the long-run supply curve slope ___________.

Question

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As a firm expands production, it needs to attract more workers, which will increase the wage rate it pays. This will lead to higher costs of production in the long run, causing the long-run supply curve to slope upward.

As a Firm Attempts to Expand Production, It Must ___________