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Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111 Exercise 23
Key Concept: Constant-Cost Industry
Assume the short-run average total cost for a perfectly competitive industry remains constant as the output of the industry expands. In the long run, the industry supply curve will
A) have a positive slope.
B) have a negative slope.
C) be perfectly horizontal.
D) be perfectly vertical.
Causation Chain Game
Long-Run Supply in a Constant-Cost Industry-Exhibit 11
Assume the short-run average total cost for a perfectly competitive industry remains constant as the output of the industry expands. In the long run, the industry supply curve will
A) have a positive slope.
B) have a negative slope.
C) be perfectly horizontal.
D) be perfectly vertical.
Causation Chain Game
Long-Run Supply in a Constant-Cost Industry-Exhibit 11
Explanation
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Long run industry supply curve shows the...
Economics for Today 9th Edition by Irvin Tucker
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