The long-run market supply curve for an increasing-cost, perfectly competitive industry
a. is horizontal
b. slopes upward
c. is the portion of its marginal cost curve above the minimum point on its average variable cost curve
d. is the portion of its marginal cost curve above the minimum point on its average total cost curve
e. is vertical
B
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In answering which of the following questions would you find it necessary to calculate a present value?
a. Should Jane put $1,000 today into a 5-year certificate of deposit that pays 4 percent annual interest? b. Should ABC Corporation buy a factory today for $2 million, knowing that the factory will yield the corporation $3 million after 5 years? c. If Jill puts $5,000 today into a bank account that pays 3 percent interest, then how much will she have in the account after 2 years? d. You would find it necessary to calculate a present value in order to answer all of these questions.