Question
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If the long-run supply curve is horizontal we know that this is a constant-cost industry. a situation in which some input prices change as firms enter and exit the industry. an increasing-cost industry. a decreasing-cost industry. If the long-run supply curve slopes downward, we know that this is a decreasing-cost industry. a situation in which no input prices change as firms enter and exit the industry. an increasing-cost industry. a constant-cost industry. constant-cost industry is one in which there is no change in long-run per-unit costs, even as output varies. the marginal product of labor is constant. output increases lead to productivity gains. each firm has a horizontal long-run average cost curve. An industry in which an increase in industry output is accompanied by an increase in long-run per-unit costs is a(n) break-even cost industry. decreasing-cost industry. constant-cost industry. increasing-cost industry. If an industry's long-run supply curve slopes downward, then the industry is an increasing-cost industry. a constant-cost industry. a fixed-cost industry. a decreasing-cost industry. The perfectly competitive, profit-maximizing rate of production is not measurable for a perfectly competitive firm. occurs at the point at which marginal revenue is equal to marginal cost. occurs at the point at which the difference between marginal revenue and marginal cost is maximized. ignores the relation of total revenues and total costs. A situation in which the price charged is equal to society's opportunity cost is known as marginal profits. marginal monopoly pricing. marginal cost pricing. market failure. If the long - run supply curve is horizontal we know that this is a decreasing - cost industry. an increasing - cost industry. a constant - cost industry. a situations in which some input prices change as firms enter and exit the industry.
Explanation / Answer
1 a
2 c
3 a
4 d
5 a
6 b
7 c
8 c