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3 Written questions

2 Multiple choice questions

  1. is minimum of ATC curve
  2. • In the long-run, firms can enter/exit the market if operating at a loss or profit
    o Know how these supply shifts affect the individual firm

2 True/False questions

  1. Perfectly Competitive Markets1. Many buyers and many firms, all of which are small relative to the overall market
    2. Products sold are identical
    3. No barriers to new firms entering (or on firms exiting)


  2. The long-run market supply curve is a horizontal line...