The long-run supply curve in a constant-cost, perfectly competitive industry is

Name: The long-run supply curve in a constant-cost, perfectly competitive industry is
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Question

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In a constant-cost, perfectly competitive industry, the long-run supply curve is perfectly elastic because firms can enter and exit the market freely, and input prices do not change as industry output changes. This means the price remains constant as the industry's total output varies.

The Long-Run Supply Curve in a Constant-Cost, Perfectly Competitive Industry