Asked by
Angel Farris
on Oct 27, 2024
Verified
A curve that shows the quantity of a good or service supplied at various prices after all long-run adjustments to a price change have been completed is a long-run _____ curve.
A) marginal revenue
B) marginal cost
C) industry supply
D) production
Long-Run Adjustments
Adjustments that firms make over a period where all inputs can be varied, and there are no fixed factors of production.
Industry Supply
The total output of a particular good or service that all producers in the market are willing and able to sell at a given price level, over a specific time period.
- Identify and explain the role of the industry supply curve in the context of perfect competition.
Verified Answer
SS
Learning Objectives
- Identify and explain the role of the industry supply curve in the context of perfect competition.