Consider the short-run supply curve for a perfectly competitive industry.In general,which of the following statements are true?

Question

Quizplus · Accepted Answer

A) The short-run industry supply is obtained by horizontally summing the supply curves of all the individual firms in the industry is true.
B) The industry supply curve tends to be flatter (more elastic)than the horizontal sum of all the industrial firms' supply curves is also true.
C) Short-run supply for a perfectly competitive industry is flat for constant cost industries is not true in general, as it depends on the shape of the individual firm's supply curves.

Consider the Short-Run Supply Curve for a Perfectly Competitive Industry