Which of the following is false about the long run?
A) The long-run equilibrium output for a firm in perfect competition occurs at the lowest point on the average total cost curve.
B) The shape of the long-run supply curve depends on the extent to which input costs change when there is entry or exit of firms in the industry.
C) In a constant-cost industry, the prices of inputs do not change as output is expanded.
D) In an increasing-cost industry, the cost curves of the individual firms rise as the total output of the industry decreases.
E) All of the above are true.
Correct Answer:
Verified
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