If the firms in a market have constant returns to scale internally while there are external economies of scale for the industry, a firm's long-run supply curve will be ________ and the long-run market supply curve will be ________
A) downward sloping; downward sloping
B) upward sloping; horizontal
C) horizontal; downward sloping
D) downward sloping; horizontal
E) upward sloping; downward sloping
C
Economics
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The income earned by the people who sell the services of the factor of production ________ is called ________
A) capital; rent B) entrepreneurship; wages C) land; profit D) entrepreneurship; profit
Economics
If a customer deposits $1,000 cash into her checking account, the bank's
a. assets rise by $1,000 and liabilities fall by $1,000. b. assets fall by $1,000 and liabilities rise by $1,000. c. assets and liabilities both fall by $1,000. d. assets and liabilities both rise by $1,000. e. profits rise by $1,000.
Economics