Author Question: A perfectly competitive industry must have a perfectly elastic long-run supply curve. a. True b. ... (Read 537 times)

TVarnum · **on:** Jun 30, 2018

A perfectly competitive industry must have a perfectly elastic long-run supply curve.
a. True
b. False
Indicate whether the statement is true or false

Question 2

On Thanksgiving, Jake's mother gives him a huge platter of food. If Jake were to keep eating just to please his mother (even when he really wanted to stop), his marginal utility would be:
a. the same as his total utility.
b. large.
c. minus one.
d. positive.
e. negative.