If all existing firms and all potential firms have the same cost curves, there are no inputs in limited quantities, and the market is characterized by free entry and exit, what do we know regarding the long run?

Question

Answer

The long-run market supply curve must slope upward.

Answer

The long-run supply curve for the market is horizontal and equal to the minimum of long-run average cost for each firm.

Answer

none of the above

Answer

The long-run supply curve for the market must slope downward.

Answer

The long-run market supply curve is equal to the sum of individual firms’ marginal-cost curves.

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If all existing firms and all potential firms have the same cost curves, there a...

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