If, as a perfectly competitive industry expands, it can supply larger quantities at the same long-run market price, it is
A) a constant-cost industry.
B) an increasing-cost industry.
C) a decreasing-cost industry.
D) a fixed-cost industry.
Answer: A
Economics
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Relative to a perfectly competitive market, a monopoly results in
A) a gain in producer surplus equal to the gain in consumer surplus. B) a gain in producer surplus equal to the loss in consumer surplus. C) greater economic efficiency. D) a gain in producer surplus less than the loss in consumer surplus.
Economics
Are all goods economic goods? Are all economic goods also goods? Explain
What will be an ideal response?
Economics