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.
Primary production is constrained by the most limiting factor.
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