The demand for Egg McMuffins will likely be ________ the demand for breakfast foods.
A. equally price elastic as
B. less price elastic than
C. more price elastic than
D. indeterminate from the given information
Answer: C
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Figure 7-2
In Figure 7-2, average cost at 500 units of output equals
A. 4,000. B. 200. C. 8. D. 6.
The long-run supply curve for a competitive industry
a. may be horizontal if entry into the industry lowers average total cost. b. may be upward-sloping if higher-cost firms enter the industry. c. will be horizontal if there is free entry into the industry. d. will be upward-sloping if there are barriers to entry into the industry.