Figure 10-8
The economy depicted in is in
a. short-run equilibrium at less than the full-employment output level.
b. short-run equilibrium at an output level beyond full employment.
c. long-run equilibrium at point a.
d. long-run equilibrium at point b.
a
Economics
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The short-run supply curve of a perfectly competitive firm is: a. the average variable cost curve
b. the average total cost curve. c. the same as the demand curve. d. marginal cost above average variable cost.
Economics
Where marginal cost is less than average cost,
a. opportunity cost must have been excluded from the calculation of marginal cost. b. marginal cost must be falling. c. marginal cost must be rising. d. marginal cost may be rising, falling, or constant.
Economics