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If the Cost of Production Incurred by Two Producers in a Competitive

Question 22

Multiple Choice

If the cost of production incurred by two producers in a competitive industry differs, the long-run supply curve:


A) will be a downward sloping step function.
B) will be an upward rising step function.
C) will be a horizontal line at the market price.
D) will be a vertical line at the equilibrium output.

Correct Answer:

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