Migraine medicine increased in price by 6% causing a 1% increase in quantity supplied. Supply is

The law of increasing opportunity cost is associated with the slope of the:

A) demand curve. B) supply curve. C) output curve. D) production possibilities curve.

Using the above figure, the perfectly competitive firm should shut down if the market price is below

A) P1. B) P2. C) P3. D) P4.