In the short-run, a firm's supply curve is equal to the
a. marginal cost curve above its average variable cost curve.
b. marginal cost curve above its average total cost curve.
c. average variable cost curve above its marginal cost curve.
d. average total cost curve above its marginal cost curve.
a
Economics
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An example of an activity that is likely to generate benefit (positive) externality is
A) a well manicured lawn of your neighbor. B) growing wild flowers on city street islands. C) fireworks on the 4th of July. D) an educated workforce. E) All of the above
Economics
Monopolistic competition describes a situation where: a. a few firms produce a standardized product
b. a large number of firms produce differentiated products. c. a few firms produce differentiated products. d. there are substantial barriers to entry.
Economics