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Mairoon Mairoon
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Posts: 850
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6 years ago
If firms in a competitive market are identical, the long-run market supply curve is horizontal.
True or False? Provide an explanation.
Textbook 
Microeconomics

Microeconomics


Edition: 6th
Author:
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Replies
wrote...
6 years ago
False. The horizontal long-run supply curve also requires that factor prices do not increase with industry expansion and that the number of firms is not restricted.
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