If firms in a perfectly competitive market have dissimilar cost curves what will be the shape of the long-run supply curve?
If firms have dissimilar cost curves, such that there are more types of firms with finer differences between their costs, the long-run market supply curve will slope upward but show greater responsiveness than short-run supply.
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An increase in a consumer's income creates a
A) rightward parallel shift of the budget line. B) leftward parallel shift of the budget line. C) rightward rotation of the budget line, so that the budget line becomes steeper. D) leftward rotation of the budget line, so that the budget line becomes steeper.
Senator Smith says that in order to help poor countries develop, the United States should: 1 . Prevent U.S. corporations from investing in poor countries because they take profits that the poor countries should have; 2 . Not import goods from poor countries that use child labor; 3 . Work to promote political stability in poor countries; and 4 . Reduce poor countries' reliance on market forces in
their economies. How many of these ideas are likely to help poor countries grow? a. 1 b. 2 c. 3 d. 4