Multiple Choice
If the firms in a market have constant returns to scale internally while there are external economies of scale for the industry, a firm's long-run supply curve will be ________ and the long-run market supply curve will be ________.
A) downward sloping; downward sloping
B) upward sloping; horizontal
C) horizontal; downward sloping
D) downward sloping; horizontal
E) upward sloping; downward sloping
Correct Answer:
Verified
Correct Answer:
Verified
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