Business, 15.10.2019 22:00 nyasiasaunders1234

Consider the market for baseball caps. there are many producers in this market, and we assume that the technology of production is identical among these producers. a typical producer in this market has a u-shaped average variable cost curve with the minimum average variable cost at $2.50, and a u-shaped average total cost curve with the minimum average total cost at $3.50. what does the market supply of baseball caps look like in the long run?

(a) an upward-sloping curve that starts at the price of zero
(b) an upward-sloping curve that starts at the price of $3.50, with zero supply at a price less than $3.50
(c) an upward-sloping curve that starts at the price of $2.50, with zero supply at a price less than $2.50
(d) a horizontal line at a price of $3.50

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Consider the market for baseball caps. there are many producers in this market, and we assume that t...

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