Part a) True or False: In a competetive market, a firm's short run supply curve is sloping upwards due to diminishing returns of the variable input. Explain why. Part b) Are long run supply curves always upward sloping? Explain why or why not with a graph.

Part a) True or False: In a competetive market, a firm's short run supply curve is sloping upwards due to diminishing returns of the variable input. Explain why. Part b) Are long run supply curves always upward sloping? Explain why or why not with a graph.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Perefect Competition

Section7.5: Long-run Supply Curves Under Perfect Competition

Problem 2YTE

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Question

Answer both parts a and b please.
Part a) True or False: In a competetive market, a firm's short run supply curve is sloping
upwards due to diminishing returns of the variable input. Explain why.
Part b) Are long run supply curves always upward sloping? Explain why or why not with a
graph.

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