Author Question: Assume that all of the inputs used in a particular perfectly competitive industry can be increased ... (Read 67 times)

Yolanda · **on:** Jun 30, 2018

Assume that all of the inputs used in a particular perfectly competitive industry can be increased without bidding up their prices. The long run supply curve for that industry will be:
a. vertical.
b. upward sloping.
c. horizontal.
d. downward sloping.

Question 2

The terms of trade is defined as:
a. the quantity of inputs sacrificed to produce each unit of a good.
b. the quantity of one good that is exchanged for a quantity of another good.
c. the ratio of the total cost of production of individual traders.
d. the marginal cost of producing one good as a percentage of the marginal cost of another good.
e. the ratio of total exports of a nation to its total production.