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Author Question: Like the short run A) the long run supply curve is the sum of the individual firms' supply ... (Read 15 times)

Hungry!

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on: Jul 1, 2018
Like the short run
 
  A) the long run supply curve is the sum of the individual firms' supply curves.
  B) the maximum number of firms in the market is fixed.
  C) firms operate only if they make a positive profit.
  D) All of the above.

Question 2

In Dutch or first-price sealed-bid auctions, participants will bid less than their highest valuation.
 
  What will be an ideal response?


laurnthompson

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

True. They do so because they have to balance the benefit of paying less with the cost of not getting the good.


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