5. The horizontal summation of the LMC(y) curves of individual firms is not the long run supply curve for the industry. Answers: 1.F 2.F 3.T 4.F 5.T. 3. Short Questions 1. An industry has 50 identical ...
Prospective homebuyers are also facing a long-running housing shortage ... When pent-up demand outweighs supply — in this case, for both new and existing homes — prices go up.
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