Multiple Choice
Which of the following is true of a long-run competitive equilibrium?
A) The market has a horizontal long-run supply curve.
B) Inputs employed in the industry cannot earn more in other industries.
C) Firms in the market earn high abnormal profits.
D) Firms face constant input costs irrespective of the output level.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Explain the difference between diminishing marginal returns
Q3: The short-run supply curve for a competitive
Q4: The model of perfect competition assumes that:<br>A)there
Q5: According to the _ principle,firms that do
Q6: Use the following figure to answer the
Q8: Use the following figure to answer the
Q9: On the graphs below,demonstrate the circumstances that
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Q11: The slope of the long-run supply curve
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