The individual firm's short-run supply curve is the part of its:
A. average variable cost curve that is upsloping.
B. marginal cost curve lying above its average total cost curve.
C. marginal cost curve lying above its average variable cost curve.
D. average total cost curve that is upsloping.
Answer: C
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Write an essay on the economic relationship of greatest concern for development between education and
(a) the level of growth, (b) the character of growth, (c) inequality, (d) fertility, (e) absolute poverty, (f) international migration.
When the price of a good is $5, the quantity demanded is 100 units per month; when the price is $7, the quantity demanded is 80 units per month. Using the midpoint method, the price elasticity of demand is about
a. 0.22. b. 0.67. c. 1.33. d. 1.50.
Which of the following actions best illustrates moral hazard?
a. A person adds risky stock to his portfolio. b. A person who has narrowly avoided many accidents applies for automobile insurance. c. A person is unwilling to buy a stock when she believes its price has an equal chance of rising or falling $10. d. A person purchases homeowners insurance and then checks his smoke detector batteries less frequently.
The portion of food and expenditures associated with activities of firms beyond the farm gate is known as
A) value added. B) consumer surplus. C) the marketing bill. D) none of the above.