« previous next »

Author Question: If the cost of production incurred by two producers in a competitive industry differs, the long-run ... (Read 59 times)

imanialler

  • Hero Member
  • *****
  • Posts: 539
on: Jun 30, 2018
If the cost of production incurred by two producers in a competitive industry differs, the long-run supply curve:
 a. will be a downward sloping step function.
  b. will be an upward rising step function.
  c. will be a horizontal line at the market price.
  d. will be a vertical line at the equilibrium output.

Question 2

Graphically, producer surplus is the area:
 a. above the equilibrium price and below the demand curve.
  b. below the equilibrium price and below the supply curve.
  c. above the supply curve and below the demand curve.
  d. below the equilibrium price and above the supply curve.
  e. below the equilibrium price and above the demand curve.


nital

  • Sr. Member
  • ****
  • Posts: 320
Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

A herd of barren-ground caribou at the Thelon River. This subspecies is a long-distance migrant A herd of barren-ground caribou at the Thelon River. This subspecies is a long-distance migrant
Apply long effleurage stroke to entire arm-hand to shoulder. Brush off from shoulder to hand to ... Apply long effleurage stroke to entire arm-hand to shoulder. Brush off from shoulder to hand to ...
Three Pieces of the Long-Term Weight-Loss Puzzle Diet Three Pieces of the Long-Term Weight-Loss Puzzle Diet
Stem Cell Production Stem Cell Production
A wave whose wavelength is 0.500 m is traveling down a 500-m long wire whose total mass is 25 ... A wave whose wavelength is 0.500 m is traveling down a 500-m long wire whose total mass is 25 ...
Video: Retina

For a complete list of videos, visit our video library