please answer q 56, 57 and 58. and please write true or false in the answer. Question 561 PoinThe upward sloping portion of the marginal cost curve represents the supply of a competitive firm in the short runTrueFalseQuestion 571 PointThe assumption of free entry in the long run is a direct consequence of the assumption that capital is not scarce in the long runATrueBFalse1 PointQuestion 58In the long run all the firms in the competitive industry have zero incomeTrueLast

Answer 56. Marginal cost is the additional cost incurred from producing one more unit of a good or…

Question 56 The upward sloping portion of the marginal cost curve represents the supply of a competitive firm in the short run True False Question 57 The assumption of free entry in the long run is a direct consequence of the assumption that capital is not scarce in the long True False Question 58 In the long run all the firms in the competitive industry have zero income A True

Question 56 The upward sloping portion of the marginal cost curve represents the supply of a competitive firm in the short run True False Question 57 The assumption of free entry in the long run is a direct consequence of the assumption that capital is not scarce in the long True False Question 58 In the long run all the firms in the competitive industry have zero income A True

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.9P

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