Figure 13-12

-Refer to Figure 13-12.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) perfectly elastic long-run market supply.
C) the entry of firms into the industry when some resources used in production are available only in limited quantities.
D) the fact that zero profits cannot be sustained in the long run.
Correct Answer:
Verified
Q101: Entry into a market by new firms
Q102: When managers of firms in a competitive
Q105: The assumption of a fixed number of
Q109: The exit of existing firms from a
Q118: Suppose a competitive market is comprised of
Q119: When firms have an incentive to exit
Q125: If occupational safety laws were changed so
Q127: When market conditions in a competitive industry
Q237: When new firms enter a perfectly competitive
Q334: Carol owns a running shoe store that
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents