Author Question: In a constant cost industry, the cost curves of individual firms will shift upward as the industry ... (Read 165 times)

ssal · **on:** Jun 30, 2018

In a constant cost industry, the cost curves of individual firms will shift upward as the industry output expands.
a. True
b. False
Indicate whether the statement is true or false

Question 2

The markets for renewable and nonrenewable resources operate to ensure that:
a. the producers using these resources earn above-normal profits even in the long run.
b. the current and future prices of such resources remain high.
c. the cost of extraction of such resources increases with an increase in price.
d. the current price of such resources should remain low but the future prices should increase to increase profitability of the producers.
e. the current and future wants for these resources are satisfied in the least costly manner.