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

Author Question: A perfectly competitive industry always has a perfectly elastic (flat) long-run supply curve. a. ... (Read 646 times)

naturalchemist

  • Hero Member
  • *****
  • Posts: 542
on: Jun 30, 2018
A perfectly competitive industry always has a perfectly elastic (flat) long-run supply curve.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If the marginal utility of each good consumers buy does not diminish but remains constant, we should witness consumers:
 a. buying no goods at all.
  b. spending all of their income on the good with the highest MU.
  c. buying one of each good.
  d. buying only the least expensive goods.
  e. become indifferent to what goods they buy.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

chem1s3

  • Sr. Member
  • ****
  • Posts: 320
Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

b


naturalchemist

  • Hero Member
  • *****
  • Posts: 542
Reply #2 on: Jun 30, 2018
Thank you


chem1s3

  • Sr. Member
  • ****
  • Posts: 320
Reply #3 on: Jun 30, 2018
No problemo


« previous next »
 

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

Acute bronchitis is an inflammation of the breathing tubes (bronchi), which causes increased mucus production and other changes. It is usually caused by bacteria or viruses, can be serious in people who have pulmonary or cardiac diseases, and can lead to pneumonia.

Did you know?

Coca-Cola originally used coca leaves and caffeine from the African kola nut. It was advertised as a therapeutic agent and "pickerupper." Eventually, its formulation was changed, and the coca leaves were removed because of the effects of regulation on cocaine-related products.

Did you know?

The first documented use of surgical anesthesia in the United States was in Connecticut in 1844.

Did you know?

Certain rare plants containing cyanide include apricot pits and a type of potato called cassava. Fortunately, only chronic or massive ingestion of any of these plants can lead to serious poisoning.

Examining the survivorship curve of a Dall mountain sheep population reveals information on the caus Examining the survivorship curve of a Dall mountain sheep population reveals information on the caus
Anopheles larva from southern Germany, about 8 mm long Anopheles larva from southern Germany, about 8 mm long
Elastic cartilage Ear Elastic cartilage Ear
The Elastic Rebound Theory The Elastic Rebound Theory
A typical ECT sensor temperature versus voltage curve. A typical ECT sensor temperature versus voltage curve.
J or U dose-response curve J or U dose-response curve
Video: Conjunctivitis

For a complete list of videos, visit our video library