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Author Question: The long-run supply curve of a perfectly competitive market is a: a. an upward rising step ... (Read 132 times)

bb

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on: Jun 30, 2018
The long-run supply curve of a perfectly competitive market is a:
 a. an upward rising step function.
  b. a downward sloping step function.
  c. a vertical line at the market price.
  d. a horizontal line at the market price.

Question 2

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


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mcabuhat

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

D

Answer to Question 2

a


bb

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Reply #2 on: Jun 30, 2018
Thank you


mcabuhat

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Reply #3 on: Jun 30, 2018
No problemo


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