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Svetlanka [38]
3 years ago
10

If input prices for a perfectly competitive industry remain constant as the output of the industry expands in the long run, the

industry supply curve will:
a. be perfectly horizontal.
b. have a positive slope.
c. be perfectly vertical.
d. have a negative slope.
Business
1 answer:
Serhud [2]3 years ago
3 0

Answer:

a. be perfectly horizontal.

Explanation:

The supply curve graph the prices that suppliers will demand to produce different levels of output. It is normally upward-sloping because of scarcity of inputs that will push up costs and thus drive up cost.

If input prices does not change, <em>the industry will be willing to supply any quantity (in the long run) at the same price</em> (because if they charge higher than their constant costs they will lose to competition) => the supply curve will be a horizontal line (perfectly horizontal)

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