For a perfectly competitive firm, the long-run supply curve is its long-run marginal cost curve.
Answer the following statement true (T) or false (F)
False
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Which of the following statements is consistent with a decrease in supply?
A) Prices of raw material inputs have increased. B) There has been an advance in technology. C) Consumers' incomes have increased. D) The market price has decreased.
The law of diminishing return holds that as additional increments of resources are:
a. added to a certain purpose, the marginal benefit from those additional increments will remain flat. b. removed to a certain purpose, the marginal benefit from those additional increments will decline. c. added to a certain purpose, the marginal benefit from those additional increments will incline. d. added to a certain purpose, the marginal benefit from those additional increments will decline.
The decision of which assumptions to make is
a. an easy decision for an economist, but a difficult decision for a physicist or a chemist. b. not a particularly important decision for an economist. c. usually regarded as an art in scientific thinking. d. usually regarded as the easiest part of the scientific method.
income expressed in current year dollars
What will be an ideal response?