An industry's long-run supply curve will be flat if inputs are in abundant supply and if the industry consumes only a small share of the inputs in the market. Why?
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q20: The price-quantity combination that will prevail in
Q21: For a constant-cost industry,
A) the industry must
Q22: At the long-run equilibrium of a perfectly
Q23: You own a firm that possesses some
Q24: In a perfectly competitive industry over the
Q26: At the long-run equilibrium of a perfectly
Q27: Each firm in a competitive industry finds
Q28: Perfect competition
A) ensures that the goods sold
Q29: What is the difference between how economic
Q30: Perfectly competitive markets will set a price
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents