Table 14-6There are 500 identical firms in a competitive market. The firms do not use any resources that are available in limitedquantities, and all of them have the following cost structure:Output Total Cost$5S101.$12S15$22$4040, Refer to Table 14-6. What is the shape of the long-run supply curve for this market?a. horizontal at a price of $2.00c. horizontal at a price of $5.00b. horizontal at a price of $3.33d. horizontal at a price of $7.00

Competitive market: Competitive market/perfect competition is a market structure where there exists…

Table 14-6 There are 500 identical firms in a competitive market. The firms do not use any resources that are available in limited quantities, and all of them have the following cost structure: Output Total Cost 35 310 $12 $15 3. $22 $40 40. Refer to Table 14-6. What is the shape of the long-run supply curve for this market? a. horizontal at a price of $2.00 c. horizontal at a price of $5.00 b. horizontal al a price of $3.33 d. horizontal at a price of $7.00

Table 14-6 There are 500 identical firms in a competitive market. The firms do not use any resources that are available in limited quantities, and all of them have the following cost structure: Output Total Cost 35 310 $12 $15 3. $22 $40 40. Refer to Table 14-6. What is the shape of the long-run supply curve for this market? a. horizontal at a price of $2.00 c. horizontal at a price of $5.00 b. horizontal al a price of $3.33 d. horizontal at a price of $7.00

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 5CQQ

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