If the long-run industry supply curve in a perfectly competitive market is horizontal,then very likely input prices will ____ as industry output expands.

Name: If the long-run industry supply curve in a perfectly competitive market is horizontal,then very likely input prices will ____ as industry output expands.
Brand: Quizplus
Rating: 4.8 (37 reviews)

Question

Quizplus · Accepted Answer

In a perfectly competitive market with a horizontal long-run industry supply curve, input prices remain constant as industry output expands, indicating constant returns to scale.

If the Long-Run Industry Supply Curve in a Perfectly Competitive