The long-run supply curve of a perfectly competitive market is a:
a. an upward rising step function.
b. a downward sloping step function.
c. a vertical line at the market price.
d. a horizontal line at the market price.
D
Economics
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Which of the following is(are) the effect(s) of an international trade agreement that provides an incentive and reward for nations NOT to impose tariffs?
I. an increase in world welfare and standard of living II. an opportunity for low-income nations to exploit the gains from trade. III. an opportunity for large countries to improve their terms of trade a. I b. I and II c. I and III d. I, II, and III
Economics
Compare the outcome in a market with a single-price monopoly to that in a perfectly competitive market
What will be an ideal response?
Economics