In a Perfectly Competitive Industry, Assume the Short-Run Average Total

question 149

Multiple Choice

In a perfectly competitive industry, assume the short-run average total cost increases as the output of the industry expands. In the long run, the industry supply curve will:

• A) first have a positive slope and then a negative slope.
• B) have a negative slope.
• C) be perfectly horizontal.
• D) be perfectly vertical.
• E) have a positive slope.

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