Answered

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______________.


a. vertical.
b. upward sloping.
c. horizontal.
d. downward sloping.

Answer :

Answer:

The correct answer is B

Explanation:

Competitive market is the market, where there are many producers who are competing to offer the consumers with the required services and goods. Under this market, there is no single consumer or producer who could dictate or lead the market.

When the resources are used in the production, which is only available in the limited quantities, then the price of the product increases, which in turn make the supply curve upward sloping.

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