« previous next »

Author Question: If the cost of production incurred by two producers in a competitive industry differs, the long-run ... (Read 48 times)

imanialler

  • Hero Member
  • *****
  • Posts: 539
on: Jun 30, 2018
If the cost of production incurred by two producers in a competitive industry differs, the long-run supply curve:
 a. will be a downward sloping step function.
  b. will be an upward rising step function.
  c. will be a horizontal line at the market price.
  d. will be a vertical line at the equilibrium output.

Question 2

Graphically, producer surplus is the area:
 a. above the equilibrium price and below the demand curve.
  b. below the equilibrium price and below the supply curve.
  c. above the supply curve and below the demand curve.
  d. below the equilibrium price and above the supply curve.
  e. below the equilibrium price and above the demand curve.


nital

  • Sr. Member
  • ****
  • Posts: 320
Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

Did you know?

Approximately one in three babies in the United States is now delivered by cesarean section. The number of cesarean sections in the United States has risen 46% since 1996.

Did you know?

In most climates, 8 to 10 glasses of water per day is recommended for adults. The best indicator for adequate fluid intake is frequent, clear urination.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

When blood is deoxygenated and flowing back to the heart through the veins, it is dark reddish-blue in color. Blood in the arteries that is oxygenated and flowing out to the body is bright red. Whereas arterial blood comes out in spurts, venous blood flows.

Primary production is positively correlated with the evapotranspiration rate. Primary production is positively correlated with the evapotranspiration rate.
Pathway of urine production and elimination. Pathway of urine production and elimination.
A photograph of Commodore Matthew Perry in 1855 juxtaposed with a Japanese portrait of him. When Per A photograph of Commodore Matthew Perry in 1855 juxtaposed with a Japanese portrait of him. When Per
Homeschooling has come a long way. These children are performing in a musical at the annual ... Homeschooling has come a long way. These children are performing in a musical at the annual ...
A port fuel-injected engine that is equipped with long, tuned intake-manifold runners. A port fuel-injected engine that is equipped with long, tuned intake-manifold runners.
Effects of competitive inhibition on enzyme kinetics Effects of competitive inhibition on enzyme kinetics
Video: Dissociative Disorders (Part 3)

For a complete list of videos, visit our video library