In the short run, the horizontal sum of all of the marginal cost curves (above minimum average variable cost) of individual firms in a competitive market defines the
a. average variable cost curve
b. market demand curve
c. market supply curve
d. average total cost curve
e. total quantity demanded
C
Economics
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What is measured on the vertical axis of the aggregate demand graph?
A) unemployment B) nominal income C) the price level D) real GDP per year
Economics
In the above figure, if the two goods A and B, are complements, which of the following is TRUE?
A) The shift from D0 to D1 for good B leads to a shift from S0 to S1 for good A. B) The shift from S0 to S1 for good A leads to the shift from D0 to D1 for good B. C) The law of demand is violated in both markets. D) The cross elasticity of demand between them is positive.
Economics