The long-run supply curve of a perfectly competitive market is a: ...

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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.

[mcabuhat]

Answer to Question 1

D

Answer to Question 2

a

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Thank you

[mcabuhat]

No problemo