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Author Question: The short-run supply curve of a perfectly competitive industry with firms having identical costs is: ... (Read 56 times)

123654777

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The short-run supply curve of a perfectly competitive industry with firms having identical costs is:
 a. a horizontal line at the market price.
  b. a vertical line at the equilibrium output.
  c. an upward rising curve.
  d. a downward sloping step function.

Question 2

Since a firm is willing to sell its product at the marginal cost and since the firm receives the market price, the difference between the two is:
 a. consumer surplus.
  b. economic profit.
  c. marginal revenue.
  d. producer surplus.
  e. a shortage.



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jamesnevil303

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Answer to Question 1

C

Answer to Question 2

d




123654777

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Reply 2 on: Jun 30, 2018
Excellent


phuda

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Reply 3 on: Yesterday
Gracias!

 

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