illustrate and explain using diagrams, the difference between long run supply in a constant cost individual firm and industry and an increasing cost firm and industry
1
Expert's answer
2017-04-03T11:35:07-0400
The long‐run market supply (LRMS) curve is found by examining the responsiveness of short‐run market supply to a change in market demand. In a constant-cost industry the LRMS curve is horizontal, but in an increasing-cost industry the LRMS curve is increasing.
Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…
APPROVED BY CLIENTS
"assignmentexpert.com" is professional group of people in Math subjects! They did assignments in very high level of mathematical modelling in the best quality. Thanks a lot
Comments
Leave a comment