In the short-run, a firm's supply curve is equal to the
a. marginal cost curve above its average variable cost curve.
b. marginal cost curve above its average total cost curve.
c. average variable cost curve above its marginal cost curve.
d. average total cost curve above its marginal cost curve.
a
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Refer to Common Property II. If the common property is privately owned, the surplus to the consumers is
a. Area I b. Area I + F + G c. Area I + F + G + H d. zero.
An example of a government-imposed barrier to entry gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented. This entry barrier is known as
A) a copyright. B) an exclusive marketing agreement. C) a patent. D) a tariff.
Under a pure gold standard
A) the dollar is tied to gold and all other currencies are fixed relative to the dollar. B) all foreign exchanges involve gold for goods and services. C) all currencies are defined in terms of gold and these rates are fixed. D) all trade involves government agencies.
You have noticed that there is a persistent shortage of teachers in an inner-city school district in your state. Based on this observation, you suspect that:
A. the demand for teachers in the inner-city school district is too low. B. the wage for teachers in that district is higher than the wage in other districts. C. there is an excess supply of teachers in other districts. D. the wage for teachers in that district is lower than the equilibrium wage.