Higher costs,whether fixed or variable,will cause a leftward shift in the industry's short-run supply curve.
Correct Answer:
Verified
Q5: In a long-run competitive equilibrium,both more efficient
Q6: For a competitive firm,marginal revenue is constant
Q7: Given two supply curves passing through the
Q8: A competitive firm faces a downward-sloping demand
Q9: A competitive firm will exit the industry
Q11: A firm that has not shut down
Q12: A new licensing fee would cause an
Q13: When a competitive firm earns zero profit,the
Q14: Industry's supply curves tend to be less
Q15: In a competitive constant-cost industry,all firms have
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents