Which statement is correct? The long-run supply curve for a purely competitive:
A. Decreasing-cost industry will be upward-sloping
B. Increasing-cost industry will be perfectly elastic
C. Increasing-cost industry will be upward-sloping
D. Increasing-cost industry will be less elastic than the short-run supply curve
C. Increasing-cost industry will be upward-sloping
You might also like to view...
In a divisive society the members of groups within the society see themselves as
A) working in harmony with other groups in the society. B) equal to other groups within the society. C) pitted against other groups in the society. D) a and b
Situation 37-2 Dan and Ann live in the same community and both can participate in two activities, producing and stealing. Refer to Situation 37-2. Ann spends 8 hours of each day producing and 1 hour of each day stealing. It is probably the case for her that
A) at some point the MB/MC ratio for producing fell below the MB/MC ratio for stealing. B) her MB/MC ratio for producing was always greater than her MB/MC ratio for stealing. C) her MB/MC ratio for producing never changed, no matter how much or how little she produced. D) her MB/MC ratio for stealing never changed, no matter how much or how little she stole. E) There is not enough information to answer the question.