A perfectly competitive firm's supply curve is its
A) marginal cost curve above its minimum average fixed cost.
B) marginal cost curve above its minimum average total cost.
C) marginal cost curve.
D) marginal cost curve above its minimum average variable cost.
D
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Which theory asserts that when the costs of becoming informed and voting are too high, people will not vote in an election?
a. Theory of rational ignorance b. Median voter theory c. Normative political theory d. Theory of majority rule
In the open-economy macroeconomic model which of the following falls if there is an increase in the budget deficit?
a. the interest rate b. net exports c. the exchange rate d. All of the above are correct.
Miyu’s country has a higher saving rate than Arjun’s country. It is reasonable to assume that ______.
a. Arjun’s country will have greater economic growth than Miyu’s b. Miyu’s country has lower rates of investment than Arjun’s c. Miyu’s country will have greater economic growth than Arjun’s d. Arjun’s country has higher rates of capital formation than Miyu’s
What three conditions must be present for a natural monopoly to exist?
a. one supplier, no close substitutes, barriers for entry b. multiple suppliers, many close substitutes, no barriers for entry c. one supplier, many close substitutes, few barriers for entry d. few suppliers, no close substitutes, no barriers for entry