Which statement is TRUE?
A) The long-run industry supply curve relates the price of a good or service to the quantity produced after all adjustments to a price change have been made.
B) Every point on a long-run industry supply curve shows a price and quantity supplied at which firms in the industry are earning positive economic profit.
C) For establishing the long-run industry supply curve,factor costs and the number of firms are held constant.
D) In perfectly competitive industries,the long-run supply curve is always horizontal.
Correct Answer:
Verified
Q204: Use the following to answer question:
Q205: Use the following to answer question:
Q206: Provided that there are no external benefits
Q207: In perfectly competitive long-run equilibrium:
A)all firms make
Q208: Use the following to answer question:
Q210: If some firms in a perfectly competitive
Q211: When economic profits in an industry are
Q212: Use the following to answer question:
Q213: Suppose that the market for haircuts in
Q214: Lilly is the price-taking owner of an
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents