If the long-run supply curve of a purely competitive industry slopes upward, this implies that the prices of relevant resources:

A. will fall as the industry expands.
B. are constant as the industry expands.
C. rise as the industry contracts.
D. rise as the industry expands.


Answer: D

Economics

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As demonstrated by the labor supply schedule, the quantity of labor supplied depends on

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Suppose that the Australian economy initially uses 50 billion hours of labor to produce $5 trillion of real GDP. If 50 billion more hours are employed and Australia's real GDP increases by $4 trillion more,

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If people generally believe that "you get what you pay for," it is reasonable for them to:

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Economics