Above the shutdown point, a competitive firm's supply curve coincides with its:
a. marginal cost curve.
b. average total cost curve.
c. marginal revenue curve.
d. average variable cost curve.
a
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Explain why the costs of most services like haircuts and college education have risen at a faster rate relative to the costs of manufactured goods?
What will be an ideal response?
External economies of scale arise when the cost per unit
A) falls as the industry grows larger and rises as the average firm grows larger. B) rises as the industry grows larger and falls as the average firm grows larger. C) falls as the industry and the average firm grows larger. D) remains constant over a broad range of output. E) rises as the industry and the average firm grows larger.
When buying a piece of equipment, it is always best for the firm to pay cash instead of borrowing the funds since this renders the equipment less costly
Indicate whether the statement is true or false
A point along the production possibility frontier is:
A. inefficient. B. impossible. C. efficient. D. utility-maximizing.