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True or false. Explain. Competitive industries in which rising input prices lead to upward-sloping supply curves are called constant cost industries. In a constant-cost industry,

  1. True or false. Explain.
  2. Competitive industries in which rising input prices lead to upward-sloping
  3. supply curves are called constant cost industries.
  4. In a constant-cost industry, a tax of a constant, fixed amount on each unit of output sold will not affect the amount of output sold by a perfectly competitive firm in the long run. Explain.
  5. Suppose all firms in a competitive industry are operating at output levels for which price is equal to long-run marginal cost. This industry is necessarily in long-run equilibrium.

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