Which of the following statements is correct?
A. The long-run supply curve for a purely competitive increasing-cost industry will be
upsloping.
B. The long-run supply curve for a purely competitive increasing-cost industry will be perfectly
elastic.
C. The long-run supply curve for a purely competitive industry will be less elastic than the
industry's short-run supply curve.
D. The long-run supply curve for a purely competitive decreasing-cost industry will be
upsloping.
Answer: A
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What will be an ideal response?
Harry is 40 and black. Dan is 40 and white. Both work as plumbers, but Harry earns more
a. Dan is being discriminated against. b. Harry might be discriminated against if he has more experience as a plumber. c. Harry might be discriminated against if he has less training as a plumber. d. Harry might be discriminated against if he works the day shift and Dan works the night shift.