If all existing firms and all potential firms have the same cost curves, there are no inputs in limited quantities, and the market is characterized by free entry and exit, then the long-run market supply curve
a. is horizontal and equal to the minimum of long-run marginal cost for each firm.
b. must slope downward.
c. must slope upward.
d. is horizontal and equal to the minimum of long-run average cost for each firm.
d
Economics
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Robinson Crusoe divides his time between catching fish and gathering fruit. Part of his production possibilities frontier is given in the above table
If Mr. Crusoe is on his PPF and he increases the amount of fruit he gathers from 56 to 90 pounds, the opportunity cost is A) 37 pounds of fish. B) 31 pounds of fish. C) 17 pounds of fish. D) 34 pounds of fruit. E) 90 pounds of fruit.
Economics
When gross investment is greater than depreciation, then the nation's capital stock increased
Indicate whether the statement is true or false
Economics