In the table above, the Herfindahl-Hirschman Index in the widget industry is

A long-run supply curve is flatter than a short-run supply curve because

a. firms can enter and exit a market more easily in the long run than in the short run. b. long-run supply curves are sometimes downward sloping. c. competitive firms have more control over demand in the long run. d. firms in a competitive market face identical cost structures.

Exhibit 7-15 Short-run cost curves for E-Z Care lawn mowing company ? In Exhibit 7-15, suppose the market price of mowing lawns falls to $10 per lawn. In this situation, E-Z-Care will:

A. permanently exit the industry. B. shut down its operations, at least in the short run. C. continue to mow lawns in the short run despite its economic losses. D. earn a normal profit.