With free entry and exit, the long-run market supply in a perfectly competitive market is O a. upward sloping. O b. horizontal and equal to the minimum long-run marginal cost of each firm producing in this market. O . horizontal and equal to the minimum long-run average cost of each firm producing in this market. O d. downward sloping.

With free entry and exit, the long-run market supply in a perfectly competitive market is O a. upward sloping. O b. horizontal and equal to the minimum long-run marginal cost of each firm producing in this market. O . horizontal and equal to the minimum long-run average cost of each firm producing in this market. O d. downward sloping.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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