The perfectly competitive seller's short-run supply curve is
A) its entire marginal cost curve.
B) its marginal revenue curve.
C) the part of its marginal cost curve above the average variable cost curve.
D) the part of its marginal cost curve above the average total cost curve.
Answer: C
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What is the unemployment rate if there are 170 million people employed, 25 million people unemployed, and 35 million not in the labor force?
A) 14.7% B) 13.7% C) 12.8% D) 10.9%
A monopoly produces X at a marginal cost of $20 per unit and charges a price of $50 per unit. Determine the elasticity of demand at the profit-maximizing price of $50.
A. ?0.5 B. .67 C. ?.6 D. There is insufficient information to determine the monopoly's price elasticity of demand.
The main rationale for government regulatory functions is
A) to regulate for-profit institutions. B) to make sure that firms are maximizing profits. C) to expand the scope of the government. D) to protect consumer interests.
Which of the following is considered a liability to a bank?
A. the bank's buildings and equipment B. the bank's loans C. reserves D. demand deposits