The long-run industry supply curve in perfect competition is derived from the
A. short-run industry supply curve which shifts as new firms enter the industry.
B. short-run industry supply curve which shifts as old firms exit the industry.
C. freedom of firms from sunk costs so that new cost curves become long-run curves.
D. All of the reasons listed.
Answer: D
You might also like to view...
A conditional statement such as if event A occurs, then event B follows is an example of normative economics
a. True b. False Indicate whether the statement is true or false
Which of the following do you know for certain is true? a. The marginal utility of Diane's second Coke is greater than the marginal utility of her third pretzel
b. The marginal utility of Diane's second Coke is greater than the marginal utility of Ken's third pretzel. c. The marginal utility of Diane's second Coke is greater than the marginal utility of her third Coke. d. The total utility of two Cokes is greater than the total utility of three Cokes. e. The marginal utility of Diane's second Coke is greater than the marginal utility of Ken's third Coke.
If women are prohibited or discouraged from attending school but men are allowed to attend, this is an example of
A. A redistribution of capital. B. An inequality trap. C. A gender gap. D. A human capital gap.
An externality is a side effect from an exchange that affects someone other than the buyer and seller.
Answer the following statement true (T) or false (F)