Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a gallon of wine in Argentina is

In a perfectly competitive industry, assume the short-run average total cost increases as the output of the industry expands. In the long run, the industry supply curve will:

a. first have a positive slope and then a negative slope. b. have a negative slope. c. be perfectly horizontal. d. be perfectly vertical. e. have a positive slope.

The more elastic a monopolistic competitor's long-run demand curve, the:

A. greater its excess capacity. B. higher its price relative to that of a pure competitor having the same cost curves. C. lower its long-run profit. D. lower its average total cost at its profit-maximizing level of output.