Solved

The Short-Run Industry Supply Curve

Question 196

Multiple Choice

The short-run industry supply curve:


A) shows the total quantity supplied by all firms in an industry for each possible price when the number of producers is fixed.
B) is drawn on the assumption that the number of firms in the industry doesn't increase,but it allows for a decrease in the number of firms due to bankrupt firms leaving the industry.
C) is a meaningful concept only if all firms in the industry are identical.
D) is of limited usefulness since it is not relevant when markets are perfectly competitive.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents