In the long run, the market price in a perfectly competitive market always tends to return to the minimum average total cost for all identical firms. Thus, in theory:
A) supply will remain a constant quantity.
B) price will be the same at any quantity.
C) the supply curve will be upward sloping.
D) the supply curve may be downward sloping.
Correct Answer:
Verified
Q145: The graph shown represents the cost and
Q146: If demand increases in a perfectly competitive
Q147: In a perfectly competitive market, when the
Q148: The graph shown represents the cost and
Q149: The graph shown represents the cost and
Q151: If demand increases in a perfectly competitive
Q152: In reality, the long run supply curve
Q153: In theory, which of the following characterizes
Q154: The graph shown represents the cost and
Q155: If demand increases in a perfectly competitive
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