Question 15
MediumOriginal questionThe long-run supply curve of a firm under perfect competition is
Show the answer and explanation
CorrectNot quiteAnswer D
Correct answer: D
Explanation
In the long run all costs are variable, so the firm must cover its whole AC or leave.
So its supply starts at minimum long-run AC.
- Concept
- Long-run supply curve of a firm
- Typical timeTypical
- 70 s
- Your timeYours
- —
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