Explain why the industry supply curve is not the long-run industry marginal cost curve. The industry supply curve is not the long-run industry marginal cost curve because OA. production will only occur along the long-run marginal cost curve for prices above average variable cost. ● B. at prices above the minimum long-run average cost of production, firms will exit the industry. OC. production will only occur along the long-run marginal cost curve when profits are earned. OD. firms cannot change fixed inputs in the long run, resulting in an industry supply curve that equals a short-run marginal cost curve. OE. at prices above the minimum long-run average cost of production, firms will enter the industry.

Explain why the industry supply curve is not the long-run industry marginal cost curve. The industry supply curve is not the long-run industry marginal cost curve because OA. production will only occur along the long-run marginal cost curve for prices above average variable cost. ● B. at prices above the minimum long-run average cost of production, firms will exit the industry. OC. production will only occur along the long-run marginal cost curve when profits are earned. OD. firms cannot change fixed inputs in the long run, resulting in an industry supply curve that equals a short-run marginal cost curve. OE. at prices above the minimum long-run average cost of production, firms will enter the industry.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

What economical benefits does marijuana have. The economics of Marijuana
Justin builds furniture for a living. Justin's out-of-pocket expenses (for wood, paint, etc.) plus the value that he places on his own time amount to his
Using the table below indicate which firm has (i) diseconomies of scale and (ii)constant returns to scale over the entire range of output. Explain your answer Quantity(Units of output )1 2 3 4 5 6 7Firm A 210 340 490 660 850 1060 1290Firm B 180 350 510 660 800 930 1050Firm C 120 250 390 540 700 870 1050Firm D 150 300 450 600 750 900 1050
I need to pick an option
What are the Factors Affecting Consumer Decision Making?
Only typed answer and please don't use chatgpt You are looking for a new apartment in Manhattan. Your income is $4,000 per month, and you know that you should not spend more than 25 percent of your income on rent. You have come across the following listing for one-bedroom apartments on craigslist. You are indifferent about location, and transportation costs are the same to each neighborhood. Chelsea $1,200 Battery Park $2,200 Delancey $950 Midtown $1,500 Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. a. Which apartments fall within your budget? Chelsea Battery Park Delancey Midtown b. Suppose you adhere to the 25 percent guideline but also receive a $1,000 monthly cost-of-living supplement since you are living and working in Manhattan. Which apartments fall within your budget now? Chelsea Battery Park Delancey Midtown
Calculate Savings when income is $2000 and APS is 0.62
P P1 P2 P3 P4 E F G H Q2 Q1 MC MBS MBP Q
If value of MP S is 0.25 what is the value of MPC.
Outline the six steps in the consumer decision process.