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Which of the following is true?a. The long-run industry supply curve relates the price of a good or service to the quantity produced after all adjustments to a price change have been madeb. In perfectly competitive industries, the long-run supply curve is always horizontal. c. In establishing the long-run industry supply curve, factor costs and the number of firms are held constant.d. Every point on along-run industry suppl curve shows a price and quantity supplied at which firms in the industry are earning positive economic profit.

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In the long run, each firm in a perfectly competitive industry will:a. increase its priceb. differentiate its goodsc. produce where MR is greater than MCd. earn only enough to cover the opportunity costs of the resources used in production
In a perfectly competitive industry, the market demand curve is usuallya. perfectly inelasticb. downward slopingc. relatively elasticd. perfectly elastic
An assumption of the model of perfect competition isa. few buyers and sellersb. difficult entry and exitc. Cooperation and Interdependence between sellersd. Identical goods

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