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Perfect Competition- 2
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Period
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Period 1
Period 2
Period 3
Period 4
Period 5
According to the graphs below, the industry supply curve will ______and the equilibrium price will most likely _________ in the long run?
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Decrease Decrease
Decrease Increase
Increase Decrease
Increase Increase
In long-run equilibrium, economic profits in a perfectly competitive industry are:
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positive.
zero.
negative.
indeterminate.
Refer to the figure below. Which price-quantity combination represents long-run equilibrium for this perfectly competitive firm?
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Point A
Point B
Point C
Point D
Point E
The perfectly competitive industry demand curve is __________ and the demand curve for a perfectly competitive firm is _______
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Downward sloping to the right/ Downward sloping to the right
Downward sloping to the right/ Perfectly elastic
Perfectly elastic/ Downward sloping to the right
Perfectly elastic/ Perfectly elastic
Perfectly inelastic/ Perfectly elastic
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