The short-run industry supply curve: Choose one answer. a. is of limited usefuln

Question

The short-run industry supply curve:
Choose one answer.
a. is of limited usefulness, since it is not relevant when markets are perfectly competitive.
b. shows the total quantity supplied by all firms in an industry for each possible price, when the number of producers is given.
c. is a meaningful concept only if all firms in the industry are identical.
d. is drawn on the assumption that the number of firms in the industry doesn't increase, but it allows for a decrease in the number of firms due to bankrupt firms leaving the industry.

Explanation / Answer

b)

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