Business, 05.05.2020 18:14 neyssa83

An industry has 1000 competitive firms, each producing 50 tons of output. At the current market price of $10, half of the firms have a short-run supply curve with a slope of 1; the other half each have a short-run supply curve with slope 2. The short-run elasticity of market supply is:A) 1/50

B) 3/10

C) 1/5

D) 2/5

E) none of the above

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An industry has 1000 competitive firms, each producing 50 tons of output. At the current market pric...

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