The Short-Run Supply Curve for a Perfectly Competitive Industry

question 55

Multiple Choice

The short-run supply curve for a perfectly competitive industry:

• A)is less elastic than the long-run industry supply curve.
• B)is derived by vertically summing the individual firms' marginal cost curves.
• C)reflects zero economic profits at all points on the curve.
• D)is typically upward sloping.

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Definitions:

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