A perfectly competitive industry always has a perfectly elastic ...

[naturalchemist]

A perfectly competitive industry always has a perfectly elastic (flat) long-run supply curve.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If the marginal utility of each good consumers buy does not diminish but remains constant, we should witness consumers:
 a. buying no goods at all.
  b. spending all of their income on the good with the highest MU.
  c. buying one of each good.
  d. buying only the least expensive goods.
  e. become indifferent to what goods they buy.

[chem1s3]

Answer to Question 1

False

Answer to Question 2

b

[naturalchemist]

Thank you

[chem1s3]

No problemo