Refer to Figure 13-18. Which of the following statements is true?
A) Da represents the long-run demand curve facing a monopolistic competitor in a constant-cost industry while Db depicts the long-run demand curve in an increasing-cost industry.
B) Da represents the long-run supply curve in a perfectly competitive, constant-cost industry while Db depicts the long-run demand curve facing a monopolistic competitor in a decreasing-cost industry.
C) Da represents the long-run demand curve facing a perfect competitor while Db depicts the long-run demand curve facing a monopolistic competitor.
D) Da represents the long-run demand curve facing a monopolistic competitor in a constant-cost industry while Db depicts the demand curve in the short run.
C
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Gold is a perfect medium of exchange and measure of value because of its:
a. divisibility, portability, and homogeneity. b. divisibility and durability. c. durability and relative scarcity. d. durability and homogeneity. e. divisibility, durability, and relative scarcity.
Market price is the same thing as equilibrium price.
Answer the following statement true (T) or false (F)