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Equilibrium outputs in long-run entry and exit supply curve

Long-run supply curve of a purely competitive industry: (w) equals the horizontal summation of all firms’ short-run supply curves. (x) reflects equilibrium outputs after entry and exit respond completely to any shifts in demand. (y) declines as output rises in most industries. (z) tends to be horizontal because each firm include constant marginal costs. (e) is downward sloping because of diminishing marginal returns.

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