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mdagenh1 mdagenh1
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4 years ago

Question 1.

An industry with a positive-sloping long-run supply curve is called a(n) ________ industry.



▸ constant-cost

▸ decreasing-cost

▸ increasing-cost

▸ decreasing-profit

Question 2.

Assume the watermelon industry is perfectly competitive and in long-run equilibrium with a market price of $10. If the demand for watermelons increases in this decreasing-cost industry, long-run equilibrium will be reestablished at a price



▸ greater than $10.

▸ less than $10.

▸ equal to $10.

▸ either greater than or less than $10, depending on the number of firms that enter the industry.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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mcwieckmcwieck
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mdagenh1 Author
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4 years ago
This site is awesome!
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4 years ago
Slight Smile Good luck on the rest
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