Choose the appropriate answer. a. A fall in supply caused by a fall i

1.	Choose the appropriate answer. a. A fall in supply caused by a fall in price is known as: 1. Contraction of supply 2. Expansion of supply 3. Increase in supplyb. When supply curve is a vertical straight line, supply is 1. Perfectly elastic 2. Perfectly inelastic 3. Unitary elasticc. The price under perfect competition. short run should be at least equal to 1. Short run MC 2. Short run AC 3. Short run AVC
Answer» a. 1. Contraction of supply b. 2. Perfectly inelastic c. 3. Short run AVC

Choose the appropriate answer. a. A fall in supply caused by a fall in price is known as: 1. Contraction of supply 2. Expansion of supply 3. Increase in supplyb. When supply curve is a vertical straight line, supply is 1. Perfectly elastic 2. Perfectly inelastic 3. Unitary elasticc. The price under perfect competition. short run should be at least equal to 1. Short run MC 2. Short run AC 3. Short run AVC

Answer»

a. 1. Contraction of supply

b. 2. Perfectly inelastic

c. 3. Short run AVC