Regulatory policy used to affect credit markets is known as ________

Which of the following goods is likely to have the lowest price elasticity of demand?

A) Life-saving drugs B) Potato chips C) Chocolates D) Decorative flowers

If all existing firms and all potential firms have the same cost curves, there are no inputs in limited quantities, and the market is characterized by free entry and exit, then the long-run market supply curve

a. is horizontal and equal to the minimum of long-run marginal cost for each firm. b. must slope downward. c. must slope upward. d. is horizontal and equal to the minimum of long-run average cost for each firm.