In theory, which of the following characterizes the long run supply curve for firms in a perfectly competitive market that are identical to each other?

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In a perfectly competitive market, the long run supply curve for firms that are identical to each other is perfectly elastic. This is because, in the long run, firms can enter or exit the market freely, and profits are driven to zero, leading to a situation where the price is equal to the minimum of the average total cost.

In Theory, Which of the Following Characterizes the Long Run