If the cost of production incurred by two producers in a competitive industry differs, the long-run supply curve:
a. will be a downward sloping step function.
b. will be an upward rising step function.
c. will be a horizontal line at the market price.
d. will be a vertical line at the equilibrium output.
B
Economics
You might also like to view...
The above table gives the demand and supply schedules for cat food. If the price is $3
00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price? If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? If $3.00 is the equilibrium price, what is the equilibrium quantity?
Economics
On the eve of the American Revolution, most colonials produced agricultural goods. The war boosted profits for many farmers
Indicate whether the statement is true or false
Economics