A Perfectly Competitive Industry Consists of 500 Identical Firms, Each

question 104

Essay

A perfectly competitive industry consists of 500 identical firms, each with a short-run supply curve given by Q_s = -20 + 15P. What is the equation for the industry's short-run supply curve?

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Definitions:

Case Law

The collection of past legal decisions written by courts, which law later courts use as authoritative guidance in similar cases.

Legal Positivism

The school of jurisprudence which holds that because society requires authority, a legal and authoritarian hierarchy should exist. When a law is made, therefore, obedience is expected because authority created it.

Natural Law

A school of jurisprudence that recognizes the existence of higher law, or law that is morally superior to human laws.

Stare Decisis

Latin for “standing by the decision”; a principle stating that rulings made in higher courts are binding precedent for lower courts.