When discussing pure competition, the term long run refers to a period of time long enough to allow:
a. Firms already in an industry to either expand or contract their capacities.
b. New firms to enter or existing firms to leave.
c. Both a and b.
d. None of the above.
2. Suppose that the pen-making industry is perfectly competitive. Also suppose that each current firm and any potential firms that might enter the industry all have identical cost curves, with minimum ATC = $1.25 per pen. If the market equilibrium price of pens is currently $1.50, what would you expect it to be in the long run?
3. Suppose that as the output of mobile phones increases, the cost of touch screens and other component parts decreases. If the mobile phone industry features pure competition, we would expect the long-run supply curve for mobile phones to be:
a. Upward sloping.
b. Downward sloping.
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