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Author Question: Suppose that in a perfectly competitive market, firms are making economic profits. In the long run, ... (Read 63 times)

SAVANNAHHOOPER23

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on: Jun 30, 2018
Suppose that in a perfectly competitive market, firms are making economic profits. In the long run, we can expect to see:
 a. some firms leave.
  b. the market price rise.
  c. market supply shift to the left.
  d. economic profits become zero.
  e. production levels remaining the same as in the short-run.

Question 2

If a supply curve has a constant slope throughout its length, it must have a constant price elasticity throughout its length.
 a. True
  b. False
  Indicate whether the statement is true or false


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ndhahbi

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

False


SAVANNAHHOOPER23

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  • Posts: 542
Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

at

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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