The short-run supply curve of a perfectly competitive firm is based primarily on its
A. MC curve.
B. AVC curve.
C. AFC curve.
D. ATC curve.
Answer: A
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An employee injured by a damaged machine that the employer knows is broken has recourse under
a. the Good Samaritan Rule. b. the standard of Strict Liability. c. the legal principle of General Average. d. the doctrine of Respondeat Superior.
As John's income has increased, he has purchased less instant noodles. Instant noodles are
A. an inferior good for John. B. not following the law of demand. C. not scarce for John. D. a normal good for John.
As firms use more and more of an input, ________
A) the marginal product of other inputs tends to increase B) the marginal product of the input declines C) the price of the input may increase D) all of the above E) none of the above
Human capital is increased when a firm makes investments that raise workers' productivity.
A. True B. False C. Uncertain