The perfectly competitive firm's supply curve includes
a. that portion of the marginal cost curve above the minimum point on the average variable cost curve
b. its economic profit schedule
c. that portion of the marginal revenue curve above minimum average variable cost
d. that portion of the average total cost curve above minimum average variable cost
e. the firm's effective resource demand curve
A
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The concentration ratio of an industry is a measure that captures the share of the industry’s total output that is produced by its four largest firms.
Answer the following statement true (T) or false (F)
If the world price is below the domestic "no-trade" equilibrium price, then with international trade:
a. the domestic shortage can be eliminated by rationing. b. the domestic surplus can be consumed at home. c. the domestic surplus can be exported to the rest of the world. d. the domestic quantity demanded is equal to that supplied by the world. e. the domestic shortage can be met by foreign imports.
What is a shortcoming of GDP?
Suppose a city that operates local electric and natural gas companies wants to raise revenues by increasing its rates for electricity and natural gas. The price rise will increase city revenues if the elasticity of demand for electricity and natural gas is
a. inelastic. b. elastic. c. negative. d. equal to -1.