The relationship between price and quantity supplied after firms fully adjust to any short-term economic profit or loss resulting from a change in demand is illustrated by the
a. long-run industry supply curve
b. Dutch auction model
c. short-run firm supply curve
d. constant-cost industry supply curve
e. short-run industry supply curve
Question 2
In economics, products are considered differentiated only if
a. they are physically or chemically different
b. sellers decide that they are different
c. buyers think that they are different
d. the government determines that they are different
e. they are produced by different firms
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The price of rice in a small country is currently $6 per pound. In order to help low-income ...