The short-run individual supply curve of the perfectly competitive firm is:
a. the upward-sloping portion of its average variable cost curve.
b. its average total cost curve.
c. its marginal cost curve above average variable cost.
d. its marginal cost curve above average total cost.
Ans: c. its marginal cost curve above average variable cost.
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Early developers within a given industry benefit from economies of scale, in that they are able to
a. produce larger volumes at a lower cost. b. shape the product based on what the consumer wants. c. avoid competition by creating a monopoly. d. start big instead of having to start small.
If you have $1,000 of money in the bank and the price level rises by 5 percent, your
A) money is worth more in terms of what it can purchase. B) money is worth less in terms of what it can purchase. C) money is worth the same in terms of what it can purchase. D) purchasing power has increased.