In the short run the individual competitive firm's supply curve is the segment of the:
A. marginal cost curve lying between the average total cost and average variable cost curves.
B. average variable cost curve lying below the marginal cost curve.
C. marginal cost curve lying above the average variable cost curve.
D. marginal revenue curve lying below the demand curve.
Answer: C
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Indicate whether the statement is true or false
Price makers do not have market power
Indicate whether the statement is true or false
The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P.If this economy is open to trade, and the world price of a car is $6,000, the domestic quantity demanded will be ________ and quantity supplied will be ________.
A. 8,000; 14,000 B. 12,000; 8,000 C. 12,000; 10,000 D. 14,000; 8,000
The Paris Bataclan massacre by Al-Qaeda, which struck a French target that was lightly defended, was an example of the "rational terrorist's"
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