If the price elasticity of supply is equal to 1, we would say the supply of the item is

A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5 . The firm can sell the unit for $6 . The firm should produce more than 100 units in order to maximize its profits (or minimize its losses)

a. True b. False Indicate whether the statement is true or false

The rising part of a perfectly competitive firm's marginal cost curve that is equal to or above points on its average variable cost curve is the firm's

A. short run supply curve. B. economic profit curve. C. normal profit curve. D. long run supply curve.