In the short run, there are 500 identical firms in a competitive market. The fir

Question

In the short run, there are 500 identical firms in a competitive market. The firms do not use any resources that are available in limited quantities, and each of them has the following cost structure:

Which of the following is a point on the long-run supply curve?

a) P=$10, Q=500

b) P=$6, Q=1,000

c) P=$5. Q=500

d) P=$5, Q=1,500

********This same question has been asked priviously by another user on chegg and the answer given was: A) P=$10, Q=500, however this is the answer I originally chose and it was marked incorrect******

Explanation / Answer

c) P=$5. Q=500

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects