The long-run supply curve under pure competition is derived by observing what happens to market price and quantity when market
A)demand changes and all consequent long-run adjustments have occurred.
B)supply changes and all consequent long-run adjustments have occurred.
C)technology changes and all consequent long-run adjustments have occurred.
D)regulation changes and all consequent long-run adjustments have occurred.

Question

Quizplus · Accepted Answer

The long-run supply curve under pure competition is derived by observing the changes in market demand and the consequent adjustments that occur over time. This includes how firms enter or exit the market and how prices adjust to reach a new equilibrium, reflecting the full adaptation of the market to the change in demand.

The Long-Run Supply Curve Under Pure Competition Is Derived by Observing