Homework Clinic
Social Science Clinic => Economics => Microeconomics => Topic started by: naturalchemist on Jun 30, 2018
-
A perfectly competitive industry always has a perfectly elastic (flat) long-run supply curve.
a. True
b. False
Indicate whether the statement is true or false
Question 2
If the marginal utility of each good consumers buy does not diminish but remains constant, we should witness consumers:
a. buying no goods at all.
b. spending all of their income on the good with the highest MU.
c. buying one of each good.
d. buying only the least expensive goods.
e. become indifferent to what goods they buy.
-
Answer to Question 1
False
Answer to Question 2
b
-
Thank you
-
No problemo