A perfectly competitive firm's supply curve follows the upward-sloping segment of its marginal cost curve above the:
a. average total cost curve.
b. average variable cost curve.
c. average fixed curve.
d. average price curve.
b
Economics
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Economics
Suppose firms in a perfectly competitive industry are making economic profits. As a result I. new firms enter the industry. II. the market price falls. III. the economic profits of the existing firms decrease
A) I, II and III B) I and II C) II and III D) I and III
Economics