A firm's short-run supply curve is the firm's:
A. marginal revenue curve.
B. marginal cost curve above the minimum point of the average total cost curve.
C. marginal cost curve above the minimum point of the average variable cost curve.
D. average cost curve, below the minimum point of the marginal cost curve.
Answer: C
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Over the past year, an economy's labor supply increased from 100 to 102, its capital stock increased from 1000 to 1030, and its output increased from 500 to 525. All measurements are in real terms
Calculate the contributions to economic growth of growth in capital, labor, and productivity if aK = 0.2 and aN = 0.8.
No deadweight loss and no underproduction
What will be an ideal response?
If a country bans the importation of a particular good, the market equilibrium is shown by the intersection of the foreign demand curve and the domestic supply curve.
Answer the following statement true (T) or false (F)
Exchange rates in what is termed the “medium run”
A. will be altered by an economic upswing because consumers buy more goods including imports when disposable income goes up. B. will be unaffected by economic changes in personal income or consumption spending. C. will appreciate for a country having an economic boom when others are not. D. All of the above are correct.