Suppose a perfectly competitive industry has 300 firms, and the short-run supply curve for each firm is given by Q = 2P. What is the short-run industry supply curve?

Question

Quizplus · Accepted Answer

The short-run industry supply curve is found by summing the individual supply curves of all firms in the industry. Since each of the 300 firms has a supply curve of Q = 2P, the industry supply curve is Q = 300 * 2P = 600P.

Suppose a Perfectly Competitive Industry Has 300 Firms, and the Short-Run