In a constant-cost industry each firms MC curve is upward sloping, yet all the firms togetherthe industryhave

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In a constant-cost industry each firm’s MC curve is upward sloping, yet all the firms together—the industry—have a hor-zontal supply curve. Explain why there is no contradiction.

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Microeconomics Theory and Applications

ISBN: 978-1118758878

12th edition

Authors: Edgar K. Browning, Mark A. Zupan

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Question Posted: Nov 14, 2014 08:25 AM

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In a constant-cost industry each firms MC curve is upward sloping, yet all the firms togetherthe industryhave

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The industry longrun supply curve is not the sum of the f...View the full answer

Microeconomics Theory and Applications

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