4435EconomicsMedium
If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be?
Aupward sloping
Bperfectly inelastic
Cperfectly elastic
Ddownward sloping
Correct answer
A. upward sloping
Explanation
The correct answer is upward sloping.