If all existing firms and all potential firms have the same cost curves,there are no inputs in limited quantities,and the market is characterized by free entry and exit,what do we know regarding the long run
A) The long-run market supply curve is equal to the sum of individual firms' marginal-cost curves.
B) The long-run supply curve for the market must slope downward.
C) The long-run market supply curve must slope upward.
D) The long-run supply curve for the market is horizontal and equal to the minimum of long-run average cost for each firm.
Correct Answer:
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Q149: Figure 14-9 Q150: Figure 14-8 Q151: In the long-run equilibrium of a competitive Q152: What will the exit of existing firms Q153: When all firms and potential firms in Q155: What signals the entry and exit decisions Q156: In calculating accounting profit,what do accountants typically Q157: In a market that allows free entry Q158: Scenario 14-3 Q159: Scenario 14-3
In March 2000, a study sponsored
In March 2000, a study sponsored
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