Asked by
Abram Shaffer
on Oct 27, 2024
Verified
If the long-run market supply curve for a perfectly competitive market is horizontal,then this industry exhibits _____ costs.
A) constant
B) decreasing
C) increasing
D) an absence of marginal
Market Supply Curve
A graphical representation showing the relationship between the price of a good and the total output supplied by all producers in the market.
Constant Costs
Costs that remain stable in total over a wide range of activity levels but may vary per unit.
- Comprehend the factors that influence the elasticity of the industry supply curve in the short and long term.
Verified Answer
DA
Learning Objectives
- Comprehend the factors that influence the elasticity of the industry supply curve in the short and long term.