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28 September, 06:42

The long-run supply curve would be perfectly elastic when

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  1. 28 September, 07:12
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    In a competitive market there is only one price at which a firm makes zero economic profit. In a situation in which all firms on the market have the same production costs there will be only one market price that will be sustained in the long run. Perfectly elastic curve is the same as horizontal long-run supply curve. And the long-run supply curve will be perfectly elastic at this long-run equilibrium price.
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