Consider the short-run supply curve for a perfectly competitive industry. In general, which of the following statements are true?

Question

Accepted Answer

The short-run industry supply is obtained by horizontally summing the supply curves of all the individual firms in the industry.

Answer

The industry supply curve tends to be flatter (more elastic) than the horizontal sum of all the industrial firms' supply curves.

Answer

Short-run supply for a perfectly competitive industry is horizontal at the equilibrium price.

Answer

both a and b

Answer

none of the above are true in general

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