The Long-Run Supply curve of a perfectly competitive industry cannot be downward sloping.

a) In the long run in a competitive constant-cost industry A. A firm’s supply curve is...

a) In the long run in a competitive constant-cost industry A. A firm’s supply curve is upward sloping but the industry supply curve is perfectly elastic at the minimum of AVC. B. firm’s supply curve is upward sloping but the industry supply curve is perfectly elastic at the minimum of ATC. C. Both the industry and a firm’s supply curve are perfectly elastic at the minimum of ATC. 2)Which of the following is correct? A. In a competitive market buyers...

13. Marshall suggested that the cause of a downward-sloping long-run supply curve is a. the absence...

13. Marshall suggested that the cause of a downward-sloping long-run supply curve is a. the absence of fixed cost in the long run. b. the increased number of firms in the industry. c. reduced input prices. d. reduced output prices

The long-run supply curve for a competitive industry a. may be horizontal if entry into the...

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. Please explain answer.

An increasing-cost industry is an industry whose long-run supply curve is upward sloping, with an appropriate...

An increasing-cost industry is an industry whose long-run supply curve is upward sloping, with an appropriate diagram briefly illustrate the long run supply curve in a decreasing- cost industry. Please draw and write clearly

Like monopolies, monopolistically competitive firms face downward sloping demand curves, but cannot earn long-run economic profits....

Like monopolies, monopolistically competitive firms face downward sloping demand curves, but cannot earn long-run economic profits. (T/F) Explain your reasoning.

Which of the following is NOT a characteristic of a perfectly competitive industry? Question 19 options:...

Which of the following is NOT a characteristic of a perfectly competitive industry? Question 19 options: Economic profits must be positive in the short run. There is free entry and exit in the long run. The industry demand curve is downward sloping. Each firm produces the same homogeneous product.

If all firms in a perfectly competitive industry earn zero economic profits, in the long run,...

If all firms in a perfectly competitive industry earn zero economic profits, in the long run, the: Select one: a. industry supply curve will shift to the right. b. number of firms in the industry will decrease. c. number of firms in the industry will increase. d. industry supply curve will not shift.

number 10 A perfectly competitive producer’s demand curve is: a. downward sloping but more elastic than...

number 10 A perfectly competitive producer’s demand curve is: a. downward sloping but more elastic than the market-demand curve. b. also the market-demand curve. c. upward sloping. d. a vertical line. e. a horizontal line.

1) A perfectly competitive firm's short-run supply curve is its: A. average variable cost curve above...

1) A perfectly competitive firm's short-run supply curve is its: A. average variable cost curve above the marginal cost curve. B. marginal cost curve above the average fixed cost curve. C. marginal cost curve above the average total cost curve. D. marginal cost curve above the average variable cost curve. 2)Economic Profit A. (per unit) is price minus average variable cost. B. is correctly described by all of these. C. as a total amount, is (P - ATC) times quantity....

32.   The relationship that indicates that the perfectly competitive firm in long-run equilibrium is economically efficient...

32.   The relationship that indicates that the perfectly competitive firm in long-run equilibrium is economically efficient is that A.   long-run marginal cost equals long-run average cost at long-run average cost’s lowest value. B.   the typical firm earns neither economic profits nor economic losses. C.   marginal benefit equals long-run marginal cost. D.   demand equals marginal revenue equals average revenue equals price. 33.   The perfectly competitive lobster market is in long-run equilibrium. Following an increase in demand we would expect the typical...