Question: A decreasing-cost industry has a long-run supply curve that is upward sloping. True b. False 10. Suppose firm X is a monopolist and is

A decreasing-cost industry has a long-run supply curve that is upward sloping.

A decreasing-cost industry has a long-run supply curve that is upward sloping. True b. False 10. Suppose firm X is a monopolist and is receiving positive economic profits. What prevents orbe firms from directly competing away the profits? high barriers to entry b. antitrust laws C. low barriers to entry diseconomies of scale none of the above 11. A seller that has the ability (to some degree) to control the price of the product it sells is called price a. taker. b. searcher. breaker. d. twister. 12. The marginal cost curve cuts through the AVC, ATC, and AFC curves at their lowest points. True b. False

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