Author Question: Total market supply can be derived by A) horizontally summing individual supply curves at each ... (Read 102 times)

jace · **on:** Jun 29, 2018

Total market supply can be derived by

A) horizontally summing individual supply curves at each and every price level.
B) vertically summing individual supply curves at the current technology level.
C) adding up the largest quantity demanded at various prices.
D) looking at the changes in the price of raw materials needed to produce the product.

Question 2

A natural monopoly owes its existence to

A) control of a key input.
B) persistently declining long-run average costs as scale increases.
C) patents.
D) increasing marginal returns and the ability to obtain quantity discounts from suppliers.