Why is a long-run supply curve is flatter than a short-run supply curve?
a. firms can enter and exit a market more easily in the long run than in the short run.
b. long-run supply curves are sometimes downward sloping.
c. competitive firms have more control over demand in the long run.
d. firms in a competitive market face identical cost structures.

Which statement best explains the relationship between points a and b? a. consumption reaches its highest point, and then supply begins to fall. b. inflation reaches its highest point, and then the economy begins to expand. c. production reaches its highest point, and then the economy begins to contract. d. unemployment reaches its highest point, and then inflation begins to decrease.

Acontinental polar air mass foms where

Kubin company’s relevant range of production is 24,000 to 31,000 units. when it produces and sells 27,500 units, its average costs per unit are as follows: