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In the Short Run, There Are 500 Identical Firms in a Competitive

Question 554

Multiple Choice

In the short run, there are 500 identical firms in a competitive market. The firms do not use any resources that are available in limited quantities, and each of them has the following cost structure: In the short run, there are 500 identical firms in a competitive market. The firms do not use any resources that are available in limited quantities, and each of them has the following cost structure: Which of the following is a point on the long-run supply curve? A) P=$10, Q=500. B) P=$6, Q=1,000. C) P=$5, Q=500. D) P=$5, Q=1,500. Which of the following is a point on the long-run supply curve?


A) P=$10, Q=500.
B) P=$6, Q=1,000.
C) P=$5, Q=500.
D) P=$5, Q=1,500.

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