This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: How is the short-run supply curve of a perfectly competitive market different from the long-run ... (Read 54 times)

abern

  • Hero Member
  • *****
  • Posts: 533
on: Jun 30, 2018
How is the short-run supply curve of a perfectly competitive market different from the long-run supply curve?

Question 2

A firm's break-even price is the price that is just equal to the minimum point of the AVC curve, in the short run.
 a. True
  b. False
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

ryrychapman11

  • Sr. Member
  • ****
  • Posts: 334
Reply #1 on: Jun 30, 2018
Answer to Question 1

The short-run market supply curve is upward rising and is positively related to the price level. The long-run supply curve on the other hand is horizontal as economic profits are zero in the long run.

Answer to Question 2

False


abern

  • Member
  • Posts: 533
Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

emsimon14

  • Member
  • Posts: 344
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Medications that are definitely not safe to take when breastfeeding include radioactive drugs, antimetabolites, some cancer (chemotherapy) agents, bromocriptine, ergotamine, methotrexate, and cyclosporine.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

The roles of transpiration, cohesion, adhesion, and tension in long-distance water transport. The roles of transpiration, cohesion, adhesion, and tension in long-distance water transport.
A typical distillation curve. Heavier molecules evaporate at higher temperatures and contain more ... A typical distillation curve. Heavier molecules evaporate at higher temperatures and contain more ...
Linear dose-response curve Linear dose-response curve
Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition
Managing Supply Chain and Operations: An Integrative Approach, 2nd Edition Managing Supply Chain and Operations: An Integrative Approach, 2nd Edition
Perform the indicated division (long division polynomials) Perform the indicated division (long division polynomials)
Video: Cellular slime mold life cycle Animation

For a complete list of videos, visit our video library