The long-run industry supply curve in perfect competition is derived from the
A) short-run industry supply curve which shifts as new firms enter the industry.
B) short-run industry supply curve which shifts as old firms exit the industry.
C) freedom of firms from sunk costs so that new cost curves become long-run curves.
D) All of the above reasons.
Correct Answer:
Verified
Q145: Figure 10-8 Q146: Figure 10-7 Q150: A firm in a perfectly competitive industry Q164: Richard Bland quit his job as an Q168: An increase in market demand will cause Q174: If the opportunity cost of capital is Q176: Which of the following statements is not Q180: Firms entering a perfectly competitive industry will Q190: The market for a perfectly competitive industry Q200: The long-run supply curve of an industry
A)is
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