The slope of an isoquant is equal to the ratio of the price of the input on the horizontal axis divided by the price of the input on the vertical axis, multiplied by -1

The Arrow impossibility theorem suggests

A) democracies are doomed to fail in the long run. B) dictatorships are impossible in the long run. C) there is no universally applicable decision rule in a majority-rule democracy. D) there is no way to make democracy better than a dictatorship.

If we sum all the firms' MC curves above their ATC curves, we would derive the perfectly competitive

a. long run cost curve b. short run cost curve c. horizontal cost curves d. short-run market supply curve e. long-run market supply curve