Graph 14-7 -Refer to Graph 14-7. If the Figure in Panel (A)

question 52

Multiple Choice

Graph 14-7

-Refer to Graph 14-7. If the figure in panel (a) reflects the long-run equilibrium of a profit-maximising firm in a competitive market, the figure in panel (b) most likely reflects:

• A) perfectly inelastic long-run market supply
• B) the product of individual firm supply curves for all firms in the market
• C) the idea that free entry and exit of firms in the market lead to only one market price in the long run
• D) zero profits cannot be sustained in the long run

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