Question

n a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so (very price sensitive). What is another way to state this fact

Answer 1

Answer:

In the long run, the market will supply any amount of the good at the price where P = min. ATC.

Explanation:

Both supply and demand are more elastic in the long run than the short run, which corresponds to a leveling out of the supply and demand curves.