The short-run industry supply curve is found by
A) taking the inverse of the industry demand curve.
B) horizontally summing the average total cost curve of all firms in the industry.
C) adding up the quantities supplied at each price by each firm in the industry.
D) adding up the quantities supplied at each price by each of the firms in the industry that are making a profit.
Answer: C
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Minimum-wage laws are an example of:
A. collective bargaining. B. wage rigidity. C. the discouraged-worker effect. D. insiders versus outsiders.
Refer to the data. The nominal GDP for year 4 is:
Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the question on the basis of these data.
A. $49.
B. $55.
C. $40.
D. $35.