Marginal cost is the minimum price that producers must receive to induce them to produce another unit of a good or service

If a severe drought causes the harvest of corn to be 10 percent less than anticipated, it will cause a large increase in the price of corn if

A) corn is scarce. B) the demand for corn is highly elastic. C) the demand for corn is highly inelastic. D) the supply of corn is highly elastic. E) the supply of corn is highly inelastic.

A decreasing-cost industry has a downward-sloping

A) long-run average cost curve. B) long-run marginal cost curve. C) short-run average cost curve. D) short-run marginal cost curve. E) long-run industry supply curve.