Which of the following is false about the long run?
A) The long-run equilibrium output for a firm in perfect competition occurs at the lowest point on the average total cost curve.
B) The shape of the long-run supply curve depends on the extent to which input costs change when there is entry or exit of firms in the industry.
C) In a constant-cost industry, the prices of inputs do not change as output is expanded.
D) In an increasing-cost industry, the cost curves of the individual firms rise as the total output of the industry decreases.
Correct Answer:
Verified
Q191: If a particular perfectly competitive industry uses
Q192: In a perfectly competitive market,producers efficiently use
Q193: A long run supply curve:
A) will rise
Q194: Suppose that a firm in an industry
Q195: What are the characteristics of a perfectly
Q197: Assume that all of the inputs used
Q198: Beginning from a long run equilibrium in
Q199: Productive efficiency occurs in perfect competition because
Q200: Which of the following is false of
Q201: What is productive efficiency? Does it guarantee
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