Output Total Cost 0 $0 1 $10 2 $12 3 $15 4 $24 5 $35 3. In the short run, there are 500 identical firms in a competitive market. The firms * 3 points do not use any resources that are available in limited quantities, and each of them has the cost structure ad shown in the above Table. The long-run supply curve for this market is O(A) positively sloped. (B) horizontal at a price of $4. (C) horizontal at a price of $6 (D) horizontal at a price of $8.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Output
Total Cost
0
$0
1
$10
2
$12
3
$15
4
$24
5
$35
3. In the short run, there are 500 identical firms in a competitive market. The firms * 3 points
do not use any resources that are available in limited quantities, and each of them
has the cost structure ad shown in the above Table. The long-run supply curve for
this market is
O(A) positively sloped.
(B) horizontal at a price of $4.
(C) horizontal at a price of $6
(D) horizontal at a price of $8.
Transcribed Image Text:Output Total Cost 0 $0 1 $10 2 $12 3 $15 4 $24 5 $35 3. In the short run, there are 500 identical firms in a competitive market. The firms * 3 points do not use any resources that are available in limited quantities, and each of them has the cost structure ad shown in the above Table. The long-run supply curve for this market is O(A) positively sloped. (B) horizontal at a price of $4. (C) horizontal at a price of $6 (D) horizontal at a price of $8.
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