Author Question: If a perfectly competitive industry's long-run supply curve is downward sloping, we can conclude ... (Read 65 times)

jman1234 · **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.