Information on MC of production is all that is necessary to obtain the long-run industry supply curve, because P = MC is the profit-maximization condition for all firms.

Question

Quizplus · Accepted Answer

The long-run industry supply curve requires information beyond just the marginal cost (MC) of production, including factors like technology, input prices, and market entry and exit, as these affect the overall supply conditions and costs in the long run.

Information on MC of Production Is All That Is Necessary