Author Question: If input prices for a perfectly competitive industry remain constant as the output of the industry ... (Read 171 times)

dbose · **on:** Jun 30, 2018

If input prices for a perfectly competitive industry remain constant as the output of the industry expands in the long run, the industry supply curve will:
a. have a positive slope.
b. have a negative slope.
c. be perfectly horizontal.
d. be perfectly vertical.

Question 2

In the context of consumer choice theory, utility means:
a. usefulness.
b. satisfaction.
c. practicality.
d. boring.
e. action.