If input prices for a perfectly competitive firm increase as the output of the industry expand in the long run, the long-run industry supply curve will:
a. have a positive slope.
b. have a negative slope.
c. be perfectly horizontal.
d. be perfectly vertical.
Question 2
The term utility refers to the:
a. usefulness of a good in relation to its scarcity.
b. necessity of a good.
c. price of a good.
d. number of goods a consumer has.
e. pleasure or satisfaction a consumer receives upon consuming a good.
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