In a perfectly competitive industry, assume the short-run average total cost increases as the output of the industry expands. In the long run, the industry supply curve will:
a. first have a positive slope and then a negative slope.
b. have a negative slope.
c. be perfectly horizontal.
d. be perfectly vertical.
e. have a positive slope.
Question 2
In response to a price change for good Y, if the cross-elasticity of demand for good Y is negative, good X and good Y are substitutes.
a. True
b. False
Indicate whether the statement is true or false
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