Pick All Assumptions That Need To Be Held To Ensure A Perfecly Elastic Long Run Supply Curve For Corn In The Com Industr 1 (19.79 KiB) Viewed 8 times
Pick All Assumptions That Need To Be Held To Ensure A Perfecly Elastic Long Run Supply Curve For Corn In The Com Industr 2 (15.28 KiB) Viewed 8 times
Pick ALL assumptions that need to be held to ensure a perfecly elastic long-run supply curve for corn in the com industry. The supply curve has unit elasticity. The same technology is available to all firms. The marginal cost is greater than the average total cost at every quantity level. Input prices do not change as the industry expands. There are no barriers to entry or exit in the industry.
Choose all of the principles for Pareto efficiency that is/are violated, when there is a binding price ceiling with perfectly efficient rationing. Quantity in the market should be where the last units reservation price equals the cost. The consumers that value consumption highest consumes first. The producers with the lowest costs produces first.
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