1 Which of the following long-run supply functions is inconsistent with an increasing-cost industry?(Qs quantity supplied, P= price)Multiple ChoiceQ. = p2Q, = 120- PQ. = 50PQ, =3P-120

Supply curve shows a positive relationship between price and quantity supplied. It slopes upward.

Answered: Which of the following long-run supply…

Which of the following long-run supply functions is inconsistent with an increasing-co (Qs quantity supplied, P price) Multiple Choice Q, = p2 Q, = 120- P Q. = 50P Q, =3P-120

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter2: Fundamental Economic Concepts

Section: Chapter Questions

Problem 2E

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Question

Which of the following long-run supply functions is inconsistent with an increasing-cost industry?
(Qs quantity supplied, P= price)
Multiple Choice
Q. = p2
Q, = 120- P
Q. = 50P
Q, =3P-120

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