An industry's long-run supply curve shows
A)the relationship in the long run between market price and quantity supplied.
B)how the government determines the price of the product.
C)how average productivity is changing.
D)greater than normal profit.

Question

Quizplus · Accepted Answer

An industry's long-run supply curve shows the relationship in the long run between market price and quantity supplied. It shows the quantity supplied by firms in the industry at different price levels, assuming all factors of production (such as capital and labor) can be adjusted in the long run.

An Industry's Long-Run Supply Curve Shows