Business, 21.08.2021 02:20 RioQNA

Suppose there are 50 identical firms in a perfectly competitive industry. The minimum average total cost for each firm in this industry is $100, which is reached at an output of 150 units. Currently, the market price is $120, and each firm is producing 200 units of output. Instructions: Enter your answers as a whole number. a. In the short run, the quantity supplied by the industry is: units. b. In the long run, (Click to select) until the market price (Click to select) . Each firm in the industry will produce units. c. Thus, the long-run supply curve is: multiple choice 3 a horizontal line starting at $100. a horizontal line starting at $150. an upward-sloping line starting at $100. an upward-sloping line starting at $150.

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