In deriving the short-run industry supply curve (the sum of firms marginal cost curves), we assumed that

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In deriving the short-run industry supply curve (the sum of firms’ marginal cost curves), we assumed that input prices are constant because competitive firms are pricetakers.

This same assumption holds in the derivation of the long-run industry supply curve. Do you agree or disagree?

Explain.

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Principles Of Economics

ISBN: 9781292294698

13th Global Edition

Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster

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Question Posted: Feb 23, 2024 01:00 AM

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In deriving the short-run industry supply curve (the sum of firms marginal cost curves), we assumed that

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Principles Of Economics

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