Consider a perfectly competitive market where all firms produce using the same technology. The long-run supply curve is (Need help? Read chapter 4.7 of the textbook, here: https://playconomics.com/textbooks/view/playconomics4-2019t3/part2/ch4/s7) None of these. perfectly Inelastic (i.e., a vertical line). upward sloping. perfectly Elastic (i.e., a horizontal line). downward sloping.
Consider a perfectly competitive market where all firms produce using the same technology. The long-run supply curve is (Need help? Read chapter 4.7 of the textbook, here: https://playconomics.com/textbooks/view/playconomics4-2019t3/part2/ch4/s7) None of these. perfectly Inelastic (i.e., a vertical line). upward sloping. perfectly Elastic (i.e., a horizontal line). downward sloping.
Chapter9: Perfect Competition
Section: Chapter Questions
Problem 12QP
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Transcribed Image Text:Consider a perfectly competitive market where all firms produce using the same technology. The long-run supply curve is
(Need help? Read chapter 4.7 of the textbook, here: https://playconomics.com/textbooks/view/playconomics4-2019t3/part2/ch4/s7)
None of these.
perfectly Inelastic (i.e., a vertical line).
upward sloping.
perfectly Elastic (i.e., a horizontal line).
downward sloping.
Transcribed Image Text:Consider a perfectly competitive market where all firms produce using the same technology. In the long run the equilibrium price equals
(Need help? Read chapter 4.6 of the textbook, here: https://playconomics.com/textbooks/view/playconomics4-2019t3/part2/ch4/s6)
the Fixed Cost.
the minimum Marginal Cost.
the minimum Average Total Cost.
the maximum Average Variable Cost.
None of these.
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