If input prices for a perfectly competitive firm increase as the ...

[c0205847]

If input prices for a perfectly competitive firm increase as the output of the industry expand in the long run, the long-run industry supply curve will:
 a. have a positive slope.
  b. have a negative slope.
  c. be perfectly horizontal.
  d. be perfectly vertical.

Question 2

The term utility refers to the:
 a. usefulness of a good in relation to its scarcity.
  b. necessity of a good.
  c. price of a good.
  d. number of goods a consumer has.
  e. pleasure or satisfaction a consumer receives upon consuming a good.

[cassie_ragen]

Answer to Question 1

a

Answer to Question 2

e