Pick ALL assumptions that need to be held to ensure a perfecly elastic long-run supply curve for corn in the com industry. The supply curve has unit elasticity. The same technology is available to all firms. The marginal cost is greater than the average total cost at every quantity level. Input prices do not change as the industry expands. There are no barriers to entry or exit in the industry.

Pick ALL assumptions that need to be held to ensure a perfecly elastic long-run supply curve for corn in the com industry. The supply curve has unit elasticity. The same technology is available to all firms. The marginal cost is greater than the average total cost at every quantity level. Input prices do not change as the industry expands. There are no barriers to entry or exit in the industry.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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