The perfectly competitive firm's supply curve:
A) coincides with its perfectly elastic demand curve.
B) is perfectly inelastic at the market price.
C) is the firm's marginal cost curve above the minimum point on the AVC curve.
D) is the firm's average total cost curve above the shutdown point.
C
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Over time, housing shortages caused by rent control
A.decrease, because the demand for and supply of housing are less elastic in the long run. B.decrease, because the demand for and supply of housing are more elastic in the long run. C.increase, because the demand for and supply of housing are more elastic in the long run. D.increase, because the demand for and supply of housing are less elastic in the long run.
The various antitrust laws are written in very specific terms. Thus, there is little or no question as to when a firm has run afoul of one or more of these laws
Indicate whether the statement is true or false