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Let q denote the output of a single firm and Q the output of the entire industry. A supply function for a firm gives the firm's profit-maximizing level of output q as a function of the market price p. An industry supply function indicates how much output Q all the firms in the industry will produce at the market price p. If there are 20 perfectly competitive firms and each of them has the supply function q = p / 5 then what is the industry supply function?
This document contains various important questions and their appropriate answers in the subject field of Economics.
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