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    Long-run supply curve

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    Suppose that a competitive firm long-run supply curve is given by the expression QF= -500 + 10P. Does this mean that the firm will supply -500 units of output at a zero price? If so, what does output of -500 units mean?

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    Solution Preview

    An output of -500 menas that 500 units will be taken away from the market. ...

    Solution Summary

    A long-run supply curve is briefly discussed.