Pick ALL assumptions that need to be held to ensure a perfecly elastic long-run supply curve for corn in the com industry. The supply curve has unit elasticity. The same technology is available to all firms. The marginal cost is greater than the average total cost at every quantity level. Input prices do not change as the industry expands. There are no barriers to entry or exit in the industry.

Pick ALL assumptions that need to be held to ensure a perfecly elastic long-run supply curve for corn in the com industry. The supply curve has unit elasticity. The same technology is available to all firms. The marginal cost is greater than the average total cost at every quantity level. Input prices do not change as the industry expands. There are no barriers to entry or exit in the industry.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter11: Price And Output Determination: Monopoly And Dominant Firms

Section: Chapter Questions

Problem 6E

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