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Microeconomics II
book

Microeconomics II

by D.N. Dwivedi
August 2011
Intermediate to advanced content levelIntermediate to advanced
368 pages
14h 51m
English
Pearson India
Content preview from Microeconomics II
30 Chapter 2
LONG-RUN SUPPLY CURVE OF A COMPETITIVE INDUSTRY
We have earlier derived the short-run supply curve of the industry by summing up horizontally the
supply curves of the individual rms (see Figure 2.6). e long-run supply curve of a competitive indus-
try, however, has nothing to do with the LMC curves. e shape of the long-run supply curve of an
industry, under perfect competition, depends on whether factor prices remain constant, decrease or
increase in the long run as a result of expansion of the output of the industry. Depending on whether
industry’s cost is constant, increasing or decreasing, industries are classied as cons ...
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Publisher Resources

ISBN: 9788131797655