Multiple Choice
Suppose there are only two steel firms in the steel industry and their prices are equal to or very close to their ATCs. This circumstance suggests that
A) steel firms are not profit maximizing
B) steel has no close substitutes
C) the demand for steel is weak
D) quantity supplied is less than quantity demanded at the market prices
E) close substitutes are produced in other industries
Correct Answer:
Verified
Correct Answer:
Verified
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