Assume that all of the inputs used in a particular perfectly ...

[Yolanda]

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.

[asware1]

Answer to Question 1

c

Answer to Question 2

b

[Yolanda]

Thanks for the timely response, appreciate it

[amit]

Excellent