Suppose There Are Two Perfectly Competitive Industries with Similar Numbers

question 117

Multiple Choice

Suppose there are two perfectly competitive industries with similar numbers of firms but where one industry consists of N identical firms while the second consists of N firms with differing costs.Compared to the short-run supply curve of the industry with identical firms,the short-run supply curve of the differing cost industry will tend to be

• A) steeper at higher prices.
• B) flatter at higher prices.
• C) steeper at lower prices.
• D) flatter at lower prices.

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