The long-run market supply curve in a competitive market will
a. always be horizontal.
b. be the portion of the MC that lies above the minimum of AVC for the marginal firm.
c. typically be more elastic than the short-run supply curve.
d. be above the competitive firm's efficient scale.
c
Economics
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The IMF comprises of 50 member countries including all developed countries, and a few countries of Asia and Latin America
a. True b. False Indicate whether the statement is true or false
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Which of the following is true concerning cost curves?
a. TC + TFC = TVC b. AFC + AVC = ATC c. MC + AVC = TVC d. TC – MC = TFC e. ATC + MC = TC
Economics