33. In the long-run, after all firms in a perfectly competitive industry have adopted new technology,the :
A. price will be set where average variable cost is equal to marginal revenue.
B. price will equal minimum average total cost.
C. individual finn supply will decrease as the cost of implementing technology increases.
34. Which of the following is the most likely result of a technological improvement in a perfectly com-petitive industry？
A. Individual firms supply curves shift to the left.
B. The industry supply curve shifts to the right.
C. The costs for individual firms increase.
35. Which of the following is ,NOT a characteristic of the long-run industry supply curve？
A. The long-run supply curve is less elastic than the short run supply curve.
B. The long-run supply curve is flatter than the short-run supply curve.
C. In the long run, there will be a greater change of quantity supplied for a given price change,
than in the short run.
36. A firm in a perfectly competitive market will tend to expand its output as long as :A. its marginal revenue is positive.
B. the market price is greater than the marginal cost.
C. its marginal revenue is greater than the market price.
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