The supply curve of a price-taker firm in the short run is the:
a. firm's average variable cost curve.
b. portion of the firm's average total cost curve that lies above average variable cost curve.
c. portion of the firm's marginal cost curve that lies above average variable cost curve.
d. firm's marginal revenue curve.
c
Economics
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Refer to Table 11-8. What is the minimum efficient scale of production?
A) 100 units B) 200 units C) 300 units D) 400 units
Economics
If the price elasticity of demand is greater than 1, then consumer demand is
A) unrelated to the elasticity of demand. B) inelastic. C) elastic. D) unitary elastic.
Economics