Homework Answers
Ans) 1) Here supply is fixed so the MC curve will be horizontal line.
And consumers do not have close substitutes means that demand will be relatively inelastic. That is demand curve will be steeper. (Flatter demand curve shows more elasticity).
Option b.
2) High upfront cost mean that MC curve will be upward sloping.
As the product in question is necessity, demand will be relatively inelastic. That is demand curve will be steeper.
Option a.
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