Multiple Choice
Figure 14-8
-Refer to Figure 14-8.If the figure in panel (a) reflects the long-run equilibrium of a profit-maximizing firm in a competitive market,what does the figure in panel (b) most likely reflect
A) perfectly inelastic long-run market supply
B) the idea that free entry and exit of firms in the market lead to only one market price in the long run
C) the product of the individual supply curves for all firms in the market
D) the fact that zero profits cannot be sustained in the long run
Correct Answer:
Verified
Correct Answer:
Verified
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