-If the figure in panel (a) reflects the long-run equilibrium of a profit-maximizing firm in a competitive market,the figure in panel (b) most likely reflects
A) perfectly inelastic long-run market supply.
B) the idea that free entry and exit of firms in the market lead to only one market price in the long run.
C) the product of the individual supply curves of all firms in the market.
D) the fact that zero profits cannot be sustained in the long run.
Correct Answer:
Verified
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The following table presents cost and
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In the figure below, panel (a)
A)changes as
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