Explain the circumstances under which the long-run supply

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Question: For mathematically-minded students, what is the algebraic relationship between the equation for output and the equation for marginal product in Exhibit 2 of Chapter 7? Explain the circumstances under which the long-run supply curve for an industry is a horizontal line. Next, explain the circumstances under which the long-run supply curve for an industry is an upward-sloping line.

Reference no: EM133631020

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