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Author Question: In a competitive industry where different firms have different cost structures, the industry supply ... (Read 110 times)

renzo156

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  • Posts: 526
on: Jun 29, 2018
In a competitive industry where different firms have different cost structures, the industry supply curve is:
 
  A) upward sloping.
  B) downward sloping.
  C) vertical.
  D) horizontal.

Question 2

Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If it is discovered that wapanzo beans help prevent cancer, then supply will ________ and demand will ________.
 
  A) become case C; become case 1
  B) become case C; stay at case 2
  C) stay at case B; become case 1
  D) become case A; become case 1


jxjsniuniu

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  • Posts: 343
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

C


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