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Author Question: How is the short-run supply curve of a perfectly competitive market different from the long-run ... (Read 53 times)

abern

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on: Jun 30, 2018
How is the short-run supply curve of a perfectly competitive market different from the long-run supply curve?

Question 2

A firm's break-even price is the price that is just equal to the minimum point of the AVC curve, in the short run.
 a. True
  b. False
  Indicate whether the statement is true or false


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ryrychapman11

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Reply #1 on: Jun 30, 2018
Answer to Question 1

The short-run market supply curve is upward rising and is positively related to the price level. The long-run supply curve on the other hand is horizontal as economic profits are zero in the long run.

Answer to Question 2

False


abern

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Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

laurnthompson

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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