A perfectly competitive firm's supply curve is its
A) marginal cost curve.
B) marginal cost curve above its minimum average total cost.
C) marginal cost curve above its minimum average variable cost.
D) marginal cost curve above its minimum average fixed cost.
Answer: C
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The entry of new firms into a monopolistically competitive industry will cause the long-run equilibrium price to rise.
Answer the following statement true (T) or false (F)
Currently in the United States, money is backed by
a. silver in the IMF vaults. b. Federal Reserve notes in banks. c. gold in Fort Knox. d. everyone's willingness to accept it.
Which country of those listed below has the highest percentage of children living in households with income below 50% of the national median?
A. Germany B. Australia C. The United States D. Canada
With flexible exchange rates, an increase in U.S. interest rates can be expected to ________.
A. lower the foreign exchange value of the dollar B. adversely affect U.S. exporters C. cause a net outflow of foreign capital from the United States D. encourage investment spending by U.S. firms