10 points A. Draw the firm's supply curve. In Red B. Assume the industry consists of four firms just like this one. No more firms can enter the industry, and the inputs to the industry are available in perfectly elastic supply, so the price of the inputs doesn't depend on many widgets the industry produces. Draw the industry supply curve. Light blue C. Assume that firms are free to enter or leave the industry.
All firms have the same cost curves.
Inputs are available in perfectly elastic supply. Draw the industry supply curve. Draw the industry supply curve. Violet Figure 1 2. Figure 2 shows the cost curves for one firm in an industry.