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SPP24 SPP24
wrote...
Posts: 454
4 years ago

Question 1.

It is ________ for a corn producer in a perfectly competitive corn industry to make excess profits because entry into the corn industry is free.



▸ expected

▸ very easy

▸ likely

▸ difficult

Question 2.

If the corn industry is perfectly competitive, ________ for corn is downward sloping and ________ is horizontal.



▸ the market demand curve; an individual corn producer's demand curve

▸ an individual corn producer's demand curve; the marginal revenue curve

▸ the marginal cost curve; the marginal revenue curve

▸ marginal revenue curve; average total cost curve
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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Answer verified by a subject expert
vvnluuvvnluu
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Posts: 384
4 years ago
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SPP24 Author
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4 years ago
Just got PERFECT on my quiz
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This helped my grade so much Perfect
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