The long-run supply curve of an industry equals the industry's
A) long-run marginal cost curve.
B) the horizontal sum of all firms' supply curves at any point in time.
C) long-run average cost curve.
D) long-run total variable cost curve.
Correct Answer:
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Q195: Figure 10-6 Q196: The market for a perfectly competitive industry Q197: The process of adjustment to a new Q198: Figure 10-7 Q199: The process of adjustment to a new Q201: In long-run equilibrium, the perfectly competitive firm Q202: Perfect competition displays the market mechanism at Q203: What makes the demand curve of the Q204: If the objective of economic policy is Q205: Under perfect competition, regarding short-run profit, a
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