1 )The entry of firms into a competitive industry causes the supply curve to
a. increase its slope.
b. decrease its slope.
c. move farther toward the right.
d. move toward the left.
2) The nation listed below whose economy currently comes closest to a free market is
a. North Korea.
b. Germany.
c. Venezuela.
d. Cuba.
3) To be a natural
a. control an essential natural resource input.
b. be very large.
c. have a continuously rising average cost curve as output rises.
d. have falling average costs over a substantial range of total market demand.
also see attached figure 10-1 please help me understand, thanks!
The Red Cross is virtually the only operator of blood banks in the United States. In Figure 10-1 are the demand and cost curves facing the Red Cross blood bank. If the Red Cross were to set price and quantity at the level that it would obtain in the long run in a competitive industry, how much blood would it sell?
a. OA
b. OB
c. OD
d. OC
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