long run supply
Illustrate and explain using diagrams, the difference between long run supply in a constant cost individual firm and industry and an increasing cost firm and industry.
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When diet faddists gulp 205 million unsweetened as “No-Carb” milkshakes of $2.30 apiece, if cut back to 155 million per week while the price rises to $3.70 every, the price elasticity of their demand for shakes equivalents
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Marginal revenue is: (w) similar as price for a purely competitive firm. (x) defined as the change in total revenue while an additional good is sold. (y) always equated to MC when a firm wants to maximize profits. (z) all of the above. Q : Higher income elastic demand for For environmental quality the demand is income elastic for most people, that implies that prosperity and higher incomes tend to: (w) increase people’s concerns about air, water, and noise pollution. (x) reduce efforts to solve pollution problems
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