The firm's supply curve is made up of the
A. points where MC=MR.
B. points where MC=MR, and they make a profit.
C. points where MC=MR above the minimum of AVC.
D. points where MC=MR, and they make at least breakeven.
Answer: C
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Which of the following is a primary product?
a. Tomato sauce b. Chocolate bars c. Salt d. Breakfast cereal e. A desk
High income countries with larger governments as a share of GDP have generally
a. grown less rapidly than their counterparts with smaller governments. b. experienced less deadweight losses resulting from taxes and/or government borrowing. c. seen the government decrease in size as real GDP rises. d. been able to be more economically efficient.
Which of the following reflects changes in expenditure patterns as well as price changes?
A. The PPI. B. The COLA. C. The GDP deflator. D. The CPI.
If the government wished to institute a set-aside program to support the price at P1 rather than P2 in Figure 29.1, by how much would market output be reduced?
A. Q3 to Q2. B. Q5 to Q1. C. Q3 to Q1. D. Q4 to Q2.