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Author Question: If a perfectly competitive industry's long-run supply curve is downward sloping, we can conclude ... (Read 171 times)

jman1234

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on: Jun 30, 2018
If a perfectly competitive industry's long-run supply curve is downward sloping, we can conclude that input prices will:
 a. increase as industry output increases.
  b. decrease as industry output increases.
  c. remain constant as industry output increases.
  d. none of these conclusions can be drawn.

Question 2

A util represents a unit of measurement for the:
 a. dollars a consumer spends on a good.
  b. profit a firm makes from producing a good.
  c. way a consumer will respond to a change in price.
  d. happiness a person obtains from consuming a good.
  e. way a producer will respond to a change in price.


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aloop

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

d


jman1234

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Reply 2 on: Jun 30, 2018
Gracias!

tandmlomax84

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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