Assuming a horizontal long-run market supply curve, which of the following statements is (are) TRUE about competitive firms in the long run?

(Consider This) Which of the following methods is used by farmers to "hedge" against short- run price and output fluctuations?

A. Securing prices for their output in the futures market. B. Purchasing crop revenue insurance to insure against natural disasters. C. Leasing land to other farmers in return for stable rent payments. D. All of these risk-management techniques are used.

Exhibit 4-6 Demand and supply curves If the market demand and supply curves shift as given in Exhibit 4-6, the resulting new equilibrium will show a(n):

A. increase in market price and a decrease in the quantity exchanged. B. decrease in market price and a decrease in the quantity exchanged. C. increase in market price and an increase in the quantity exchanged. D. decrease in market price and an increase in the quantity exchanged.