The Long-Run Supply Curve for a Competitive Industry May Be

question 542

Multiple Choice

The long-run supply curve for a competitive industry may be upward sloping if

• A)there are barriers to entry.
• B)firms that enter the industry are able to do so at lower average total costs than the existing firms in the industry.
• C)some resources are available only in limited quantities.
• D)accounting profits are positive.

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