The long-run supply curve of an industry equals the industry's
a. long-run marginal cost curve.
b. the horizontal sum of all firms' supply curves at any point in time.
c. long-run average cost curve.
d. long-run total variable cost curve.
c
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Considering the relevant market structures, which is an INCORRECT statement?
A) In a perfectly competitive situation, there is an extremely large number of firms. B) In pure monopoly, there is only one firm. C) In monopolistic competition, there is a large number of firms. D) In any market situation, the number of firms is not very important.
The elasticity of demand for salt is: a. highly elastic
b. highly inelastic. c. equal to zero. d. infinitely elastic.
If the United States government lowers the income taxes on the wealthiest Americans, while decreasing welfare payments to the poorest Americans, the result will likely be an _____ in efficiency and a ________ in equality in the United States.
Fill in the blank(s) with the appropriate word(s).
It was illegal for Microsoft to contract with computer manufacturers to pay for Microsoft operating systems for all the computers they produced, rather than paying for only the computers on which Microsoft operating systems were installed
Indicate whether the statement is true or false