Consider the short-run supply curve for a perfectly competitive industry. In general, which of the following statements are true?

Question

Answer

Short-run supply for a perfectly competitive industry is horizontal at the equilibrium price.

Answer

both a and b

Answer

The industry supply curve tends to be flatter (more elastic) than the horizontal sum of all the industrial firms' supply curves.

Answer

The short-run industry supply is obtained by horizontally summing the supply curves of all the individual firms in the industry.

Answer

none of the above are true in general

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