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What is Long Run Supply Curve with Sunk Costs about?

The long run supply curve with sunk costs has three parts: two horizontal portions where price is equal to pmax and pmin, and a vertical portion between pmin and pmax. Pmax is the price where entry occurs, pmin is the price where exit occurs. The vertical portion can be located anywhere along the quantity axis depending on industry output history. Price fluctuations within the range of pmin and pmax do not change quantity supplied, while those outside the range cause entry and exit, shifting the long run su

Author

Kelly Oo

Language

EN