What is a firm's short run supply curve?
What will be an ideal response?
A firm's short run supply curve is that portion of its marginal cost curve above minimum average variable cost.
You might also like to view...
A return to the gold standard, that is, using gold for money will ________ the ________ for gold, ________ its price, everything else held constant
A) increase; demand; increasing B) decrease; demand; decreasing C) increase; supply; increasing D) decrease; supply; increasing
Identify the correct statement
a. Investment is positively related to the interest rate. b. Investment spending in an economy is stimulated by new production technology. c. Investment is positively related to excess capacity. d. Investment spending is positively related to the cost of capital goods. e. Investment is negatively related to the rate of government spending.
If the marginal cost curve is below the average variable cost curve, then
A) average variable costs are increasing. B) average variable costs are decreasing. C) marginal cost must be decreasing. D) average variable costs could either be increasing or decreasing.
Suppose that the elasticity of demand for hamburgers is 2.5 and price decreases by 14%. By what percentage will quantity demanded for hamburgers increase?
A. 2.5% B. 5.6% C. 25% D. 35%