An industry where a change in the number of firms does not affect the prices of the resources used in the industry will have a long-run supply curve that is
A) vertical.
B) horizontal.
C) upsloping.
D) downsloping.

Question

Quizplus · Accepted Answer

In an industry where the entry or exit of firms does not affect resource prices, the long-run supply curve is horizontal, indicating constant costs and prices regardless of the industry's output level.

An Industry Where a Change in the Number of Firms