Question
n a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so (very price sensitive). What is another way to
- n a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so (very price sensitive). What is another way to state this fact? Market supply is much less elastic in the long run than the short run. In the long run, price equals marginal cost. In the long run, average total cost is maximized. In the long run, the market will supply any amount of the good at the price where P = min. ATC.
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Microeconomics
Authors: Douglas Bernheim, Michael Whinston
2nd edition
73375853, 978-0073375854
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