Assume the short-run average total cost for a perfectly ...

[bcretired]

Assume the short-run average total cost for a perfectly competitive industry increases 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

The ability of a good to satisfy a want refers to its:
 a. usefulness.
  b. utility.
  c. worthiness.
  d. necessity.

[mcinincha279]

Answer to Question 1

a

Answer to Question 2

b

[bcretired]

Thank you

[mcinincha279]

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