The long-run supply curve in a constant-cost industry is linear and
A) upward-sloping.
B) downward-sloping.
C) horizontal.
D) vertical.
E) could have any constant slope.
C
Economics
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Diminishing marginal returns occurs when
A) all inputs are increased and output decreases. B) all inputs are increased and output increases by a smaller proportion. C) a variable input is increased and output decreases. D) a variable unit is increased and its marginal product falls.
Economics
Refer to Table 12-2. What is Margie's total revenue if she sells 250 pounds of apples?
A) $250 B) $500 C) $750 D) There is not enough information in the table to determine Margie's total revenue.
Economics