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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.

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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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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